{"id":10906,"date":"2009-06-26T00:00:00","date_gmt":"2009-06-26T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"londons-hedge-fund-alley-tenants-face-a-doubling-in-tax-rates","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/06\/2009\/londons-hedge-fund-alley-tenants-face-a-doubling-in-tax-rates.html","title":{"rendered":"London&#8217;s Hedge Fund Alley Tenants Face a Doubling in Tax Rates"},"content":{"rendered":"<p>Bloomberg &#8211; Hedge funds and other tenants in London&rsquo;s Mayfair and St. James&rsquo;s district, the world&rsquo;s second- most expensive business location, face a doubling in property taxes in the next five years, real estate brokers said.             <\/p>\n<p>Tenants in central London may start demanding rent cuts to compensate for municipal business property taxes, known as &ldquo;rates,&rdquo; that may increase to 50 pounds ($81.50) a square foot by 2014 from 25 pounds now, according to adviser Jones Lang LaSalle Inc.    <\/p>\n<p>The tax, reset to property rental values in April 2008, will rise even as rents in London&rsquo;s West End area are tumbling. Since that reference date, prime rents have fallen 46 percent to 58.50 pounds a square foot after inclusion of rent-free incentives, JLL said. The financial crisis and the recession have cut demand from financial services firms, which account for 60 percent of tenant seeking to locate in the district.     <\/p>\n<p><a title=\"Read Complete Article\" target=\"_blank\" href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601102&#038;sid=an3n.uc8gsNc\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211; Hedge funds and other tenants in London&rsquo;s Mayfair and St. James&rsquo;s district, the world&rsquo;s second- most expensive business location, face a doubling in property taxes in the next five years, real estate brokers said. Tenants in central London [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[13554,13552,13553,4726,13549,11708,13546,13548,4725,8875,4752,13555,13550,536,13551,13547,11183,5482,3251,7761],"class_list":["post-10906","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-business-location","tag-business-property","tag-central-london","tag-financial-crisis","tag-free-incentives","tag-hedge-funds","tag-jones-lang-lasalle","tag-jones-lang-lasalle-inc","tag-mayfair","tag-municipal-business","tag-next-five-years","tag-property-taxes","tag-real-estate-brokers","tag-recession","tag-rental-values","tag-rents-in-london","tag-rsquo","tag-square-foot","tag-st-james","tag-west-end"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=10906"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10906\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=10906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=10906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=10906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}