
Mayfair is named after the annual fortnight-long May Fair that took place on the site that is Shepherd Market today. Until 1686, the May Fair was held in Haymarket, & after 1764, it moved to Fair Field in Bow because the well-to-do residents of the area felt the fair lowered the tone of the neighbourhood. The district is now mainly commercial, with many offices in converted houses & new buildings, including major corporate headquarters, a concentration of hedge funds, real estate businesses & many different embassy offices, namely the U.S.`s large office taking up all the west side of Grosvenor Square. Rents are among the highest in London & the world. There remains a substantial quantity of residential property as well as some exclusive shopping & London`s largest concentration of luxury hotels. The renown & prestige of Mayfair could have grown in the popular mind because it is the most expensive property on the British Monopoly board set.