City of London sees sharp rise in office space leases
In a recent report by Knight Frank, the City of London has seen an 80% increase in office space leases during the third quarter of 2009, when compared to the previous quarter. This is reportedly the largest recorded total for two years in the City.
There has also been a 50% quarter-on-quarter increase of office space in the West End.
The report states that availability in the City rose by 4.5% in the third quarter, while the West End remained stable. Knight Frank reports that the peak of availability should be reached in the next 3 to 6 months.
According to Property Week, head of Central London research for Knight Frank, James Roberts, said:
“It looks like the market is now through the worst. We are not out of the woods yet, but given the encouraging economic news over the summer months, particularly in the financial markets, I think this is the start of a move back to normalised market conditions.”
Knight Frank’s head of Central London tenant representation, Bradley Baker, said:
“It looks like the window of opportunity for a tenant to secure the very best deal is narrowing, although the market is still in their favour for now.” He continues, “In 2011 and 2012 options for quality space will likely be limited due to the lack of recent development starts.”
For more details on serviced offices in the City or the West End, search online at officebroker.com.