What is the average cost of office space in London?
Prime London office rents & business rates
Prime London rents and business rates both climbed further in Q2 2026. The gap between best-in-class Grade A space and the rest of the market widened again, and business rates followed the same pattern in most submarkets, so a lower headline rent doesn’t always mean lower total occupancy cost.
Key takeaways from Q2 2026
• City Grade A fitted rents: £90–£155 psf, up 9% QoQ, up ~23% YoY
• Mayfair & St James’s fitted rents: £125–£315 psf, up 16% QoQ, the highest rent and rates in London
• Knightsbridge serviced offices: £1,300/desk, up 37% QoQ, the sharpest rise in this guide
• Lowest Grade B rates: Clerkenwell, Farringdon, Shoreditch and the Eastern Fringe, all as low as £8.84 psf
Jump to your market of interest
• West End office market
• City Core office market
• Southbank office market
• Eastern Fringe office market
• Docklands office market
• Midtown office market
• South West London office market
Deep dive on submarket rents
West End Core | Mayfair & St James’s
Fitted rents up 16% QoQ. Highest rent and rates of any submarket in this guide, by a clear margin on both.
• Grade A Fitted – £125–£315 psf
• Grade A Unfitted – £115–£305 psf
• Grade B – £85–£115 psf
• Managed office – £210–£370 psf
• Serviced office – £1,000/desk
• Business Rates (Grade A) – £48.62–£112.71 psf
• Business Rates (Grade B) – £24.31–£44.20 psf
West End | Fitzrovia, Marylebone, Victoria & Westminster, Knightsbridge, Soho & Regent Street, Paddington
Knightsbridge serviced rates up 37% QoQ to £1,300/desk, the sharpest rise in this guide. Paddington remains the most accessible West End entry point on rent and rates alike. Fitzrovia and Marylebone eased slightly on rent this quarter.
Knightsbridge
• Grade A Fitted £100–£130 psf
• Business Rates (A) £33.15–£55.25 psf
Soho & Regent Street
• Grade A Fitted £100–£160 psf
• Business Rates (A) £33.15–£53.04 psf
Fitzrovia
• Grade A Fitted £90–£135 psf
• Business Rates (A) £35.36–£64.09 psf
Marylebone
• Grade A Fitted £90–£135 psf
• Business Rates (A) £33.15–£64.09 psf
Victoria & Westminster
• Grade A Fitted £90 – £150 psf
• Business Rates (A) – £33.15–£68.51 psf
Paddington
• Grade A Fitted – £85–£112.50 psf
• Business Rates (A) – £29.84–£46.41 psf
City Core | City of London, Clerkenwell, Farringdon
City fitted rents up 9% QoQ, ~23% YoY. Clerkenwell & Farringdon eased 5% QoQ and carry the lowest Grade B rates in Central London, £8.84 psf.
• Grade A Fitted – £85–£155 psf
• Grade A Unfitted – £77.50–£145 psf
• Grade B – £62.50–£80 psf
• Managed office – £125–£180 psf
• Serviced office – £675–£750/desk
• Business Rates (Grade A) – £30.94–£65.45 psf
• Business Rates (Grade B) – £8.84–£31.83 psf
Southbank | Waterloo, Southwark, London Bridge
Fitted rents up 5% QoQ, ~15% YoY, tracking the City’s pace but at a clear discount on both rent and rates.
• Grade A Fitted – £80–£115 psf
• Grade A Unfitted – £70–£107.50 psf
• Grade B – £60–£70 psf
• Managed office – £120–£175 psf
• Serviced office – £700/desk
• Business Rates (Grade A) – £28.73–£48.62 psf
• Business Rates (Grade B) – £13.26–£26.52 psf
Eastern Fringe | Stratford & Dalston
Rents flat QoQ. Lowest rent and rates of any submarket in this guide.
• Grade A Fitted – £45–£55 psf
• Grade A Unfitted – £35–£45 psf
• Grade B – £25–£35 psf
• Managed office – £65–£110 psf
• Serviced office – £290/desk
• Business Rates (Grade A) – £17.68–£22.10 psf
• Business Rates (Grade B) – £8.84–£15.47 psf
Northern City Fringe | Shoreditch
Fitted rents up only 3% QoQ, but serviced office rates up 20%, occupiers favouring flexible space over fitted commitments. Rent and rates both well below City Core.
• Grade A Fitted – £65–£105 psf
• Grade A Unfitted – £55–£95 psf
• Grade B – £55–£70 psf
• Managed office – £110–£150 psf
• Serviced office – £600/desk
• Business Rates (Grade A) – £24.31–£39.78 psf
• Business Rates (Grade B) – £8.84–£22.10 psf
Docklands Prime | Canary Wharf
Fitted rents up 4% QoQ. Best value for large-format, high-quality space in London on rent, rates and desk cost.
• Grade A Fitted – £55–£75 psf
• Grade A Unfitted- £45–£65 psf
• Grade B – £35–£45 psf
• Managed office – £90–£160 psf
• Serviced office – £400/desk
• Business Rates (Grade A) – £19.89–£30.94 psf
• Business Rates (Grade B) – £11.05–£17.68 psf
Midtown | Holborn, Bloomsbury, King’s Cross
Bloomsbury up 11% QoQ on rent, serviced rates up 25%, the standout in Midtown. King’s Cross commands the highest rents and rates in the group.
King’s Cross
• Grade A Fitted – £90–£105 psf
• Business Rates (A) – £33.15–£50.83 psf
Covent Garden
• Grade A Fitted – £90–£140 psf
• Business Rates (A) – £33.15–£55.25 psf
Bloomsbury
• Grade A Fitted – £85–£110 psf
• Business Rates (A) – £28.73–£44.20 psf
Holborn
• Grade A Fitted – £75–£85 psf
• Business Rates (A) – £28.73–£37.57 psf
South West London | Vauxhall, Battersea, Hammersmith
The most affordable occupier market in inner London. High vacancy gives occupiers genuine negotiating power.
Vauxhall & Battersea
• Grade A Fitted – £65–£95 psf
• Business Rates (A) – £26.52–£37.57 psf
Hammersmith
• Grade A Fitted – £60–£75 psf
• Business Rates (A) – £22.10–£30.94 psf
Get a custom view
Prime submarkets, led by the City and Mayfair, kept moving ahead on rent and rates alike. Several fringe locations held flat or eased. These are market rents and indicative rates across available stock, contact our team for a custom search on your target location, size and specification.
