Rents in London’s Midtown are set to break the £60 per sq ft mark before the end of this year.
Jamie Ritblat’s Delancey has this week begun marketing the newly refurbished top floor of its 323,000 sq ft MidCity Place, WC1, with a quoting price of £62.50 per sq ft, which would be the highest paid in the Midtown market.
The rental high can be explained by the small amount 4,300 sq ft of space available on the top floor of a trophy building, and by a fall in availability in the area following a spate of lettings.
Midtown specialist Farebrother said supply in the third quarter fell by more than 700,000 sq ft the highest quarterly fall in this cycle to 2.7m sq ft. Availability is now just 6.5%.
Partner Alistair Subba Row said there had been a 15% increase in rents as a result of the reduction in space over the past six months.
Farebrother and Hargreaves Goswell are advising Delancey.
