The office space rent prices have started to level with companies looking to acquire spaces once again in the West End district of London, as reported by Derwent London Plc, which focuses on office development in that area.

John Burns, the Chief Executive Officer of the company, has also revealed that decline in letting has stopped somewhat and that the rates have stabilized. The reason for this could be the enquiries that started at the end of the month of June.

London saw a similar recession in 1980 in which the letting of the West End district decreased with up to 4.5% of drop in values of properties. The district is known for its shopping malls, restaurants, and theatres.

The current recession has also manifested itself in the form of a 10% letting drop in the first six months, and hence Burns could be right that the current scenario is about to change, based on previous experiences – click for info on desk space London.

Derwent has suffered 2.5% of its losses in the London market alone but the last six months have signalled some sort of revival with its shares doubling in value during the same period. This had allowed the company to recover some of the losses that it incurred earlier.

Derwent failed to attract any cash by rights offerings, while many of its publicly traded peers managed the same successfully. Burns, however, sees no cause of concern as the company has about £300m ready for any eventuality.

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