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Boris Johnson offers overseas firms free office space in London

Boris Johnson, the Mayor of London, has today gone on record to offer foreign businesses looking to relocate to the UK office space free of charge for one year. Speaking at the European property industries annual conference in Cannes he made the offer in conjunction with "Think London" which is an agency setup and working with serviced office agency Avanta to try and drum up business for the vast array of empty office space in London.

The free rent offer has a value up to £150,000 and is funded by Avanta itself which shows the desperation which is starting to creep into the London property market, and the rest of the UK. There are hopes that ahead of the 2012 Olympics, which will be hosted by London, there will be significant interest from overseas companies but unless the UK recession is reversed in the short to medium term we could see significant disappointment in this area.

While some have criticised the offer of free office space in London at least Boris Johnson is being proactive rather than reactive in attempt to try and refloat not only the UK economy but the London financial and economic markets specifically. London is at the centre of the UK economy and the first green shoots of recovery are more likely to appear in the capital than anywhere else.

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