City of London’s highest tower hits highest rent

The City of London’s highest office tower has recorded the market’s highest rent, as continued rental growth raises hopes that further best-in-class developments will become financially viable. Brazilian bank Banco Master has agreed a lease with AXA IM Alts for the top office floor of 22 Bishopsgate, EC2, for £122 per sq ft – the highest rent ever achieved in the City, according to Savills. The agency’s Q3 market report points to rising rents in the City, with year-to-date rents for space rated BREAAM Outstanding/Excellent growing by almost 4% compared to the average for 2023. With continued rental growth, Savills said it was “inevitable that development for best-in-class buildings becomes more viable and we see more construction begin to take place”. Overview of the occupational market on Bishopsgate >>