Office rents in London's financial district rose 14% in the first quarter, according to Cushman & Wakefield. The growth spurt is because of tenants competing for dwindling space in this prestigious submarket. "A number of larger occupiers [have taken] a long-term decision on their future headquarters," says James Young, C&W's head of City of London offices. "A lack of development activity now means that rents are rising as availability drops."
Published in Brief: