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Victoria Office Rents Reach New Highs

LONDON- Prime rents in the Victoria district of central London have now shattered the previous record rent for the area set in the late 1980s.

By Graham Parker | Updated on May 10, 2001

LONDON- Prime rents in the Victoria district of central London have now reached £57.50 ($82.25) per sq ft, shattering the previous record rent for the area of £52.50 ($75) per sq ft set in the late 1980s, according to the latest research report from Cluttons.

And Neil Chegwidden, the firm’s Head of Research predicted that the strength of the London and UK economies could easily push rental levels up to £65 ($93) per sq ft in the next 12 to 18 months.

A total of 830,000 sq ft of space was let in Victoria last year and the vacancy rate now stands at just 2.3%. As a result upward pressure on rents in the area is likely to intensify as 2001 progresses.

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