Office rents in Hammersmith have fallen away from central London over 20 years, but now could be the time for them to rise again.
Simon Hesketh, Development Director of Development Securities, said during a presentation that the long term historical average of rents in Hammersmith was around 50% of those in the West End, but that now they were nearer 35%.
This was partly due to the vacancy rate among the 6m sq ft of space in the town centre, but also because of the quality of space available.
He said DevSec felt the market needed higher quality of space, with better surrounding public realm, which was what they were intending to provide with their proposed Hammersmith Grove development.
He said they were enjoying working with LB Hammersmith and Fulham, who were “pro development, in the right place, and making things happen”.