A survey by the Royal Institution of Chartered Surveyors (RICS) has found London’s congestion charge has had little impact on commercial rents and capital values, reports the Financial Times.
The value of commercial property has rocketed in the city in the past two years. Other factors were to blame for subdued rents, it said.
Few businesses had relocated because of the £5-a-day charge, although nine out of 10 retailers within the zone believed the toll had damaged their business.
The Times says the RICS survey shows that businesses have begun to negotiate shorter leases to contain the impact of the congestion charge.
References: Financial Times 08/02/05 page 4, The Times 08/02/05 page 38 (Need to know)
