'Strain' for those looking for offices to rent in London21st July 2010

Those looking for offices to rent in London could find the market is improved in comparison to last year.

According to Cluttons Commercial Property Outlook, the biggest fear for landlords at present is tenant failure, which brings with it a loss of income and the potential costs of empty rates until a re-letting takes place.

The report states: "At this point in the cycle some companies may overtrade as they try to emerge from the recession, which can result in a cash flow crisis if working capital gets soaked up with new orders."

It added that fiscal tightening and the banking sector's weakness is also continuing to put a strain on all property markets.

Average rents in the City of London increased from a low of £36 per sq ft last summer to close to £55 per sq ft, with rent free incentives amounting to two-and-a-half years.

Recent findings from Jones Lang LaSalle indicated that lease space in the West End has climbed in price for the first time in three years.

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