Landlord GPE Anticipates Rent Surge on Supply Shortage

Landlord Great Portland Estates Plc expects London office rents to surge next year as a shortage of new development collides with robust demand for the best new space.

The company upgraded its guidance for rental growth to as much as 7% across its portfolio and 10% for the best new space, according to a statement Wednesday. That’s up from 3% to 6% for the year through March, a period in which it delivered overall rental growth of 5%.