The cost of office occupancy has been stable for the first half of 2013, according to a new report from BNP Paribas Real Estate.
Rents, business rates and service charges for grade A offices were all taken into account to inform the report.
The cost of office occupancy did rise in some areas, with Swindon seeing a 12 per cent rise to £23 per square foot, Watford increasing by nine per cent to £37 per square foot and Hammersmith and the West End both experienced a five per cent rise to £55.50 per square foot and £160.50 respectively.
As occupiers try to secure good deals on grade A offices, it has been possible to keep costs down, Mr Bayley said.
The fact that areas in the South East has seen prices increase is unsurprising given that confidence in an economic recovery for the UK has been strongest in London. As a result of this, more people have been looking to get into the commercial property market in this area.
An analyst from Exane BNP Paribas, Nick Webb, made this point at the annual conference of the European Public Real Estate Association (EPRA) in Paris on Thursday August 5th. He added that this increased confidence was also spreading to other parts of the country.
Mr Webb stated: "For the last few years, the strong performance of the London property market has made it feel like a different country."
He also pointed out that rental rates have been growing in line with the economic confidence, despite having fallen for a long time: "Capital values have already broken their 18-month losing streak, while key leading indicators – like the RICS survey – suggest that 2014 could be the first year of average rental growth since 2007."