New high for City office rents, says Telegraph
The Telegraph reports today that law firm McDermott Will & Emery has signed up to become the first tenant of the Heron Tower in London, paying the highest rent per sq ft since the onset of the economic downturn in the UK.
The firm has agreed to take 25,000 sq ft over the eighth and ninth floors and will pay around £55 per sq ft, the paper says. It quotes Knight Frank as saying rents for available office space in the City rose from £46.50 per sq ft to £50 per sq ft in the second quarter of 2010.
The Heron Tower is still under construction and is due to open next year. The distinctive building, located at 110 Bishopsgate, will contain 440,000 sq ft of office space and a public restaurant at the top of the building.
