Record Take-up in London Office Space
In their latest research, the commercial property experts said that 2.04m sq ft of office space was snapped up during the opening quarter of 2010, the highest office space take-up since 2000 and the second highest since data was first compiled in 1984.
Kevin McCauley, who is Head of London research at CBRE was quoted as saying: ΓÇ£Tenant demand has remained very strong in the City with the absorption of new space significantly reducing availability. As the supply and demand imbalance has intensified landlords have reacted by increasing rents over the last few months and there is no sign of this changing in the short term.
As highlighted by recent quotes from the Business Centre Association (bca), the trends witnessed in the commercial property market are often reflected in the serviced office market a short time later. So could this mean that Q1 will also deliver a record breaking take-up of serviced office space in London too? The Serviced Office Review for Central London will be available toward the end of the month, delivering a detailed insight into whether or not evidence for this has materialized.