New record UK office rent agreed in London’s Mayfair
The UK’s highest office rent deal has just been agreed, in a boost for London’s property market during a turbulent period.
West End property sources said a private family office has signed a deal to take around 3000sq ft at around £275 per sq ft in Mayfair.
The tenant will take space at 30 Berkeley Square, also home of the Phillips auction house, and get its own private terrace.London’s hedge fund heartland is known for high rents, and 30 Berkeley Square is where the previous high was secured at a rumoured £250 per sq ft last year.
That was well above what was believed to be the prior record: £190 per sq ft in St James’s in 2017.
In the latest deal, property agent William S James advised the occupier and Pilcher London and CBRE represented the landlord.
The letting comes at a time when numerous people continue to work from home due to the pandemic, and firms are looking at how much office space they are using, and might need.
David Rosen at Pilcher London told the Evening Standard: “There is still demand for London’s most prestigious addresses and high quality space to attract staff and impress clients.”