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London commercial property prices are set to continue rising according to one the capital’s primary real estate agents.
The continuing rise in rents will make it difficult for some companies to afford office space in prime areas of the city, Pearl & Coutts commented.
Earlier forecasts of a boom in property investment in the heart of the capital appear now to be coming true, the real estate agent stated.
In contrast to many other parts of the UK commercial property prices in London have risen by at least one third since June 2009.
Central London office space rents could rise to as much as GBP 60 per square foot by the end of this year many have predicted.
Furthermore, many long-term leases are set to expire soon which could drastically raise the demand for Grade A office space in London.
However according to Pearl & Coutts there is still prime office space available in London’s less central areas which can provide what most businesses are looking for in office space.
“If you only read certain sections of the press, you might think you could easily find yourself over-committed, maybe in premises which lack basic facilities, or perhaps even worse, far from the tube and main roads.
“In reality, we have been sourcing sustainable premises day in day out for our clients without much difference. We’re also continuing to routinely look after the needs of multinationals to gain a presence in the capital,” stated Pearl & Coutts.
A recent statement from London Commercial Estate Agents appeared to agree with the opinion of Pearl & Coutts: “Of course there are always some companies who will need to be in the most expensive areas, but for many others, prime property will not be suitable. There are a great many companies who simply don’t need that kind of location.”