Office rents 'set to rocket' in West End

The capital's worst shortage of prime office space for more than 30 years is set to send West End rents soaring by nearly 50% over the next two years, property consultant Capita Symonds warned today.

The firm predicts West End rents will rise from £70 per square foot to £100 by 2013, as tenants coming to the end of leases hunt for space in a market where developers put new buildings on hold in the recession.

West End office availability has fallen 14% in the past year.

Capita Symonds director James Gillett said: "Two years ago this situation would have been unthinkable. Companies were in a great position with a surplus of good space resulting in aggressive financial offers from landlords desperate not to lose tenants.

"For businesses looking to move those days have passed. The boot is firmly on the other foot."

Central London rents outstripped the rest of the country during last year, with 5.7% growth against a 2.6% decline elsewhere.