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LONDON- The largest increase in office rents was recorded in Bournemouth where a top rent of £17 ($28.40) per sf was secured–an increase of 41.7% since the third quarter of 2002. The South West, North West and North East regions recorded positive rental growth of 4.3%, 6.0% and 5.0% respectively over the past year whereas the M4 Corridor experienced the greatest rental value fall—down 15.6%. The largest falls in achieved rental values were recorded in Cambridge and Peterborough with -32.1% and -28.0% respectively.

These are the highlights of Jones Lang LaSalle’s bi-annual 50 Centres Guide to prime office rents across the UK. It says that achievable rents fell by 2.2% over the last six months but this masks the considerable regional differences.

Jones Lang LaSalle’s head of national offices Chris Hiatt said: ‘Locations within the M25 regions and South East have continued to suffer from low levels of demand and increasing supply, which has put downward pressure on rental levels. However, many towns and cities in the South West, North West and North East have experienced small positive levels of rental growth due to limited supply of good quality accommodation.’

Sue Foxley, head of UK research at Jones Lang LaSalle, added: ‘Prime achievable rents across the South East have fallen markedly in some towns and cities, with Uxbridge experiencing negative growth of 15.8% since Q3 2002.’

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