Office Space Given Boost by City Landlord
Support for the growing strength of the office space market has come from landlord and office space developer Minerva, following comments from the firms Chairman Oliver Whitehead in which he states that the diminishing supply of office space has helped to raise rents within the City.
Quoted in the London Evening Standard, Whitehead explained ΓÇ£As our two big City developments complete this year, they emerge into a City office market that is continuing to see supply tighten and rents improve.ΓÇ¥
The office developments in question are expected to account for half of the new office space entering the property market within the City in 2010 and will arrive at a time when the number of commercial property deals has become increasingly buoyant.
This latest vote of confidence supports the finding of the Serviced Office Review series from serviced office space specialist officebroker.com, which revealed that the serviced office market in Central London had also grown in strength during the opening quarter of 2010.
But with Britain waking up to a hung parliament and uncertainty already revealed in the Markets, the growth seen in the opening months of 2010 may still take a step back.