Nick Ridley, head of West End agency at the firm, says: 'There are some conflicting messages behind these figures and the fall in rents is by no means universal. There are few of the stellar deals that pushed the top rent achieved to a staggering £90 ($128.70) per sf.'

Demand for prime space fell by 6% with most of the represented business sectors placing requirements on hold. Correspondingly supply rose marginally. However, at just 3.3%, the West End's availability rate remains low with the supply of new space particularly restricted. Current demand remains healthy with known requirements standing at over 8.5 million sf, which, given the availability rate, emphasises the tightness of the occupational market with just over 220,000 sf currently under construction.

Despite fears about a fallout from the US economy, which will have a sizeable impact on the London property sector, Ridley says: 'Tenants are still willing to pay keen rents to secure good quality space but are more cautious about paying a premium for a prestigious address. Conspicuous consumption is out of vogue and looking forward we are more likely to see rental values rising in less prime locations, narrowing the differential between average and top rents.'