London's commercial rents have surged by an average of 70 per cent over the last five years, according to new research.
Figures from EY show that areas including Clerkenwell, Farringdon, and St James’ have seen prices charged to rent out commercial property double.
Rents in Shoreditch have almost tripled, from an average of £17 per square foot in 2010 to £48 in 2015. The smallest increase was in Aldgate, were average commercial rents have increased 42 per cent since 2010.
EY looked at real estate transactions by London businesses from 2010 to 2015, across sectors including retail, technology, charity, education, and energy, as well as the public sector.
The most expensive 2015 rents were found in St James’s at an average of £91 per square foot, while the cheapest were in the Docklands at £32.
EY’s UK and Ireland head of real estate, Russell Gardner, said: “Businesses are happy to increase their spending on commercial property to be alongside their competition in the same sector.”