SPECULATIONS IN OFFICE RENTALS
(N.Z. Press Association—Copyright) LONDON, November 6. Many property speculators yesterday ordered their agents to stop letting any more offices in the London area.
They are hoping to cash in on the artificial shortage created by the Goverrynent’s ban on office building. Rents of existing offices are expected to jump by from 5 per cent to 20 per cent. That would mean £35,000 extra for an average block of 70.000 square feet. The speculators had only one fear last night—that next Wednesday’s Budget might freeze office rents at existing levels.
One London agent said: “My clients will not be letting any more offices until they have reassessed rents.” Another agent, in Mayfair, commented after one client had told him to freeze business: “This is the attitude of several clients today. They are rubbing their hands with glee.” The “Daily Mail” said Mr Harold Macmillan’s publishing firm would be hit by the ban. The former Prime Minister had planned a “glass palace” office block behind the National Galleryin London.
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Bibliographic details
Press, Volume CIII, Issue 30592, 7 November 1964, Page 15
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171SPECULATIONS IN OFFICE RENTALS Press, Volume CIII, Issue 30592, 7 November 1964, Page 15
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