Office rents in the City of London are set to soar by 30% over the next two to three years, according to Jones Lang LaSalle (JLL).

The research which is due to be published this week will show that rents per sq ft for grade-A City offices are forecast to rise to over £70, the highest level in almost two decades.

Neil Prime, Jones Lang Lasalle’s head of office agency, said: “Prices are being driven up by the return in demand by financial services firms across the board. It is simple economics of more demand and less supply.

“However, there will be a lag in new space becoming available. We look set to see selective shortages in some areas of the market, driving rents up sharply.”