City Heights

The City office market has perhaps come under the greatest scrutiny since the referendum vote, amid concerns over bank relocations. However, the data does little to bear out these fears thus far. In defiance of downward rental pressure, FQS last week took c.1,000 sq ft in 125 Old Broad Street at a record breaking City rent of £120 psf. Certainly, this is a small deal in exceptional space at the top of a tower. However, with a continuing squeeze on the delivery of Grade A space, it is easy to see how a sudden release of demand could sharpen up rents.