London City and West End office rents are now some 15% to 20% above their 2009 floors and the Consensus envisages that they will record similar gains in the next five years. We are more cautious. While the comparative strength of London’s labour market appears to have ruled out any falls this year or next, we think rents may well stall in 2014, after posting modest gains of 2% to 3% this year.
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