Mayfair rents collapse as hedgies move out - Spear's Magazine

Mayfair rents collapse as hedgies move out

Office rents in Mayfair, the traditional home of London’s hedge funds, fell by almost 30 percent in 2008, according to research by property agency NB Real Estate.

Office rents in Mayfair, the traditional home of London’s hedge funds, fell by almost 30 percent in 2008, according to research by property agency NB Real Estate. Rent fell from around £120 per square foot at the end of 2007 to around £85 at the end of last year.

“Investment banks and commercial banks have had it tough, but hedge funds are having an even tougher time,” said James Gillett, NB Real Estate’s director of central London markets.

“The boom in the hedge fund sector meant they paid scant regard to the property costs they were taking on.”

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