The West End of London has bounced back from its economic crisis dramas with office rents increasing for the first time in 3 years. The JLL (Jones Lang LaSalle) research shows that the renting quality of the office space in the West End of London increased by thirteen percent in the 2Q of the year 2010 to reach 85 per sq. ft. There are been a strict competition among business organizations for office space in the West End region.

The London Evening Standard reports said that this was the first raise since the year 2007, when Q3 rents were more than 100 per square foot and few as high as 140 per sq. ft. Jones Lang LaSalle expected main rents to stay fairly stable in the immediate future, and to reach 87.50 per sq. ft by the end of the year 2010.

This signs great news for the investors and landowners, who were hoping for an increase in rents in order to support their investment in the office space or property.

Jonathan Evans, development at JLL and head of West End agency, said that the they have observed a big change in the West End of London over the past some of the months as the prime office rents started to increase or strengthen in the 2Q.

According to Jonathan Evans, the increase can be credited to a several numbers of current deals in the prime office space. One of these was the deal involving United States hedge fund Eton Park Capital Management, who would pay 85 per sq. ft for the space at 23 Saville Row, which was one of the excellent quality buildings in the region. Thus, from this reasonable recovery and increase of office space being rented, the future of the West End of London has become more safe and secure.