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Top Rent Demanded for New Mayfair Launch

LONDON-In a gesture of confidence in the West End office market developer Consolidated Real Estate Management Services has set a pounds 70 ($110) per sf asking rent for its new 75,000-sf Curzon Square development on Park Lane.

By Graham Parker | Updated on September 04, 2003

LONDON-Developer Consolidated Real Estate Management Services has taken a bullish view of the West End office market, demanding a premium rent for its Curzon Square office scheme on Park Lane. The developer launched the building–the biggest speculative completion in Mayfair this year–yesterday and announced a £70 ($110) per sf quoting rent.

But most market observers put prime West End rents some £10 ($15) lower. Indeed DTZ, joint letting agent at Curzon Square with Knight Frank, said in its June 2003 market report that West End prime rents had remained unchanged at £60 ($100) per sf. At the time John Forrester, Head of Central London at DTZ, said: “Whilst signs suggest that business confidence and demand may be improving, uncertainty over prospects for the economy and the property market generally is still causing developers and occupiers to adopt a cautious approach. Until we see the month-on-month rise of availability plateau, we can see no prospect of positive rental growth in the Central London office market.” Clearly his client thinks differently.

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