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LONDON-Landlords are increasingly generous with incentives and offices rents have fallen so far there is no longer a £30 ($48) per sf centre West of London. That’s the conclusion of Rogers Chapman in its latest research report The Golden Triangle.

The research also sounds a note of warning for landlords of industrial property: “there is a belief that flexible leases and incentives alone will see [the industrial market] through a period of reduced demand. We are standing by for the first landlord to break ranks and make a cut in their asking rent.”

By the end of the year, however, Rogers Chapman expects the worst to be over with the Thames Valley leading the region out of recession during 2004. The report points out that: “the Thames Valley office market will turn sooner than West London.” Heathrow may be an exception since it is already benefiting from activity relating to the construction and future management of Terminal 5, the report adds.

This is the fifth edition of the Golden Triangle Report published by Rogers Chapman. It examines the office and industrial markets in the Thames Valley and West London.

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