The prediction has been made on the basis of evidence shared by an expert at the firm.
West End take-up climbed from 520,000 sq ft in Q2 2023 to 746,000 sq ft, whilst the vacancy rate stood at just below 6.0 percent.
BNP Paribas Real Estate West End office agent Simon Knights claims that lettings could see rents for super prime office stock reach highs of “up to £300 per square foot by December 2024” as demand continues to outstrip constrained supply.
He commented: “You don’t need a crystal ball to see where the super prime West End office market is headed. We predicted last year that leasing events, business growth plans, and the importance of employing talent would drive the market and all the cynics accused us of being terrifyingly optimistic, and look, we’ve seen rents of over £200 per square foot regularly discussed on prime buildings.
