West End landlord Great Portland Estates has been boosted by demand for premium office space in ‘a market starved of supply’.

It has signed 17 leases and renewals since April 1, worth around £20.7million in rent a year. A further £7.7miillion worth of rent is under offer.

It comes as firms dramatically cut the homeworking they allow amid fears that it has stifled productivity and career progression.

And rents have been driven up by a lack of supply after office investment dipped during the pandemic. 

Great Portland expects rental growth for the year of 4 per cent to 7 per cent, and more across its prime locations, as demand booms.

The firm, which owns sites in central London including in Oxford Street, said rents were up 6.7 per cent compared with March.

It recently let 62,500 sq ft of office space to US private equity firm Clayton, Dubilier & Rice on a 15-year lease, signed a year before the property is complete.