City office rents in London hit all-time high

Space at the "Cheesegrater" has been let out for a record-breaking £90.00 per sq ft

Alex Edwards
Tuesday 28 April 2015 15:32 BST
The Leadenhall building is the tallest building in the City of London
The Leadenhall building is the tallest building in the City of London

One of the highest floors of the Leadenhall Building, otherwise known as the Cheesegrater, has been let out for an astonishing rent of £90.00 per sq ft, shattering the all-time record for the City.

Australian shipping broker, Affinity Shipping, has signed a 10-year lease for 6,584 sq ft of space at the building.

The deal beats the previous record rent which was set when Rhode Island-based insurance group FMGlobal took space on the 41st floor of the Cheesegrater for £83.50 per square foot.

Prime office rents in the City are now higher than they were pre-crash.

Average rents now stand at £65 per square foot, compared to £63.50 in 2007 when the world was first feeling the effects of the credit crunch.

London has seen an increase in demand from occupiers and a fall in office supply, causing the cost of space to soar.

The 224m-high Leadenhall building was designed by Rogers Stirk Harbour + Partners and is the tallest building in the City of London.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies


Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in