Two massive central London office space deals have been agreed, in the latest sign that the office rental market in the West End is recovering.
The first deal saw Clive Cowdery of the investment company Resolution take up space in 23 Saville Row at a cost of £91 per square foot.
The second involved US private equity firm General Atlantic Partners and saw space in the same building rented for £85 per square foot.
According to the Daily Mail, the deals are the largest enacted in the London since September 2007 – a matter of weeks after the credit crunch is widely held to have begun.
Simon Tann, senior director of CB Ellis, which advised on the deals, said the news is evidence that underlying demand for offices in the West End is recovering.
He commented: “There are people who want to be in the West End, and they are still willing to pay money for the right product”.
News of developments comes as a study by King Sturge released last week posited that London rents will soar by 2012 as abandoned building projects leave a shortfall in available offices.