Choregus (London) – It seems that West End Office Space in not impervious from the effects of the global economic slow down.
Whilst many had observed the West End continuing to perform despite the pressures, it seems that the credit crunch in finally starting to bite. CBRE are reporting a 3.2% fall in rental values in the West End office market, with prestigious areas such a Mayfair and St James falling 4.2% to £115 per square foot.
In recent years the West End has been popular with private equity and hedge fund companies, who seek premium office space in prestigious locations. However, while the City office market has been contracting in the past year, the West End had hitherto been holding up rather impressively.
