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West End Rents Continue to Slide, Says LSH

LONDON-New Research from Lambert Smith Hampton underlines the continuing weakness of West End office rents although take-up during the first four months of 202 improved on the previous four months.

By Graham Parker | Updated on June 13, 2002

LONDON- The West End office market is still under pressure, according to a new report from Lambert Smith Hampton. The firm says take-up has recovered slightly but the full extend of the fall in rents since early 2001 is now apparent.

The most significant deal so far this year has been Lazards’ decision to lease 130,000 sf in Burford’s Mayfair place development. But the rent agreed–£75 ($110) per sf–compares with more than £85 ($125) achieved last year. And the report says the fall in rents is mirrored in other West End sub-markets. Victoria, for instance, has seen prime rents fall from £57.50 ($85) to £52.50 ($75) per sf in a year.

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