CBRE: Central London office take-up finished strongly in December
Research from commercial property agents CB Richard Ellis states that Central London office take-up had a strong finish to 2009, with December recording the highest level of monthly take-up for the year.
The report states that Central London average take-up has increased by 21% from November 2009, and has improved in both the City and the West End by 26% and 12% respectively.
There is also increased interest from both domestic and international investors.
Digby Flower, Head of Central London Agency, CBRE, said:
“In Central London we have seen a better than expected year in terms of letting activity given that the UK economy has suffered the worst recession in over 60 years. Buoyed by a number of key deals, largely concentrated in the City market, major occupiers have been keen to take full advantage of the significant incentive packages on offer.”
He continued, “Looking ahead, as the halt in speculative development activity helps to curb new supply, coupled with the pick up in overall demand, we should begin to see rental values recover in 2010 and beyond.”