London wants to tempt foreign companies by offering them rent free offices. There are too many empty offices in London chasing too few commercial tenants.
Boris Johnson the Mayor wants to lure continental businesses by offering them up to 12 months free office space and the use of a dedicated adviser to help them relocate to London.
Johnson chose Mipim, the annual European property industry bun-fight at Cannes, on the French Riviera, to launch his come to-London package.
The free rents could be worth up to £150,000 for a year. The hope is that foreign firms who shift to London will want to stay on for longer than the 12-month free trial period.
An estimated 13 per cent offices in the City are vacant which inevitably has a knock on effect on pushing down rents.
New jobs in financial services – the principal propellant of the capital’s economic growth – are down by more than 60 per cent.
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1 comment:
Residential and Commercial Rental properties flood the market already, Commercial Rentals gone down 33% from 2007. Specially clerkenwell ec1, barbican, bloomsbury, south bank and soho area.You can fine good Bloomsbury property price index here.
This is good idea to keep business in london.
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