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Office space race in London sends British Land to greater heights
posted on May 16, 2015
Record-breaking office rents in central London have helped one of Britain’s biggest landlords to post a 12.1pc rise in the value of its properties and a 20.5pc surge in net asset per share.
British Land’s portfolio is now worth £13.6bn, with offices driving much of the increase over the past year.
The FTSE 100 group completed the Cheesegrater tower last summer, and has now rented out 84pc of its 47 floors. Affinity Shipping is paying £90 a square foot to take space in the highest floors of the tower, thought to be a record-breaking amount and a sign that space is at an increasing premium in the City of London.
The cost of an office in a London skyscraper rose 7.7pc last year, making it the fourth most-expensive city in the world for high-rise rents, according to a recent Knight Frank survey.
Image source: The Telegraph