EG LONDON SMALL OFFICESLONDON
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erformance remains mixed in the West End’s important 5,000 sq ft and under office market, with properties at the very top end seeing rents propelled to more
than £100 per sq ft. Yet beyond these headline
figures, which agents hope will pull up the whole market, comes a caveat of “steady but fragile” recovery, according to Guy Taylor, partner for London markets at Cushman & Wakefield. The big deal at 23 Savile Row, W1,
saw US investor Angelo, Gordon & Co and Viking Global Investors both agree to pay £105 per sq ft, while prime office rents in Mayfair and St James’s could be pushed up to £118 per sq ft by 2017 because of a shortage of prime supply, according to CBRE (see West End). But below these signature deals,
the broader economic woes show through in EGi’s data: the most notable drop in take-up in Q1 2013 occurred in the West End, where only 560,000 sq ft of space was
www.estatesgazette.com
8 June 2013
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