Rents Rise as Construction Stays Grounded
According to a report from commercial property consultants Drivers Jonas Deloitte there were no new developments started in the City of London during the last six months ΓÇô but leasing activity has picked up.
The report also highlights an increase in rents for the first time in two years, a trend which was matched in the serviced office market and was highlighted in the recent Serviced Office Review: Central London Q1 2010 report from leading serviced offices consultant officebroker.com.
Despite the lack of new developments starting, which is apparently the first time this has happened since research was first published in 1996, over 2 million sq ft of leasing deals were completed during the opening quarter of 2010 ΓÇô itself the strongest opening months recorded for 12 years.
The report goes on to state that many property developers are aiming to bring forward schemes and that a flurry of new development starts are expected sooner rather than later.