“Hot clusters” drive rents through the roof
High demand office “clusters” in central London have driven up rental costs to new heights. Prime offices in the West End, notably Mayfair and St James are now commanding double the equivalent rents in New York and Tokyo. The top floor of 77 Grosvenor Street has just been let for a staggering £120 per square foot ($235 USD).
The extraordinary demand is mainly from specialist equity and hedge fund companies who are currently enjoying a run of spectacular success with many six figure bonuses being reported for key players.