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After a bad patch the office space market has again started looking up in the City of London. The effects of the recession are slowly being nullified. At present there is a total of 700,000sq. ft of desk space to rent for which negotiations are being undertaken. Out of this, 1 Finsbury Circus has been taken up by Stephenson Harwood.

The owner of the above mentioned property is Hermes Real Estate and the deal is for £35 per sq. ft .The property has been leased for fifteen years with a free rental period of four years. The first review for the rent will be in the fifth year and there is an assurance of some minimum increase in rent.

Another company, which has gone for a major office space deal, is the Australian Bank Macquarie. The bank has rented a total space of 217,000sq. ft which is a part of the British Land Ropemaker scheme. The property is a part of the 600,000 sq. ft of office space next to City point on the Ropemaker Street.

Both the above acquisitions were made through CB Richard Ellis. CB Richard Ellis and King Sturge were also involved in the deal between Blackrock Investment firm and Exemplar Development and Canary Wharf Group. The management of Blackrock Investment have confirmed acquiring 292,418 sq. ft of Drapers Gardens. The deal has been struck at £49 sq. ft with a three years rent free period. There will be an increase in the rent after five years between 2.5% to 4.5%.