Office rental prices in London have fallen again according to new statistics from Office Genie. This is the latest in a long string of surveys that show that the value and take-up of office space is not only falling in London but all around the UK too. This quarter’s statistics show that the average prices for rented office space has dropped again. This includes both shared and traditional spaces.
In fact Office Genie’s statistics show that there has been a dramatic 10 per cent drop in rented and shared office monthly costs and prices across the UK. Even more shocking is the fact that London office prices were amongst the worst in the country representing just how bad the office space economy has gotten in the UK. That said office space in the other large cities has maintained a decent price over most areas.
Cities including Manchester and Birmingham saw their prices remain stable with almost no price fluctuation this quarter. Commenting on these developments Ciaron Dunne, managing director of Office Genie, said: “Since June we have seen the average cost fall from £139 per desk in June to £122 per desk in September. This drop was mirrored in London, where the average price per desk fell from £194 to £172. However in Birmingham prices were static at £159, while both Manchester and Leeds saw slight rises in average prices per desk.”
However, statistics aside there is a great level of demand for quality office space in London. Additionally there are currently a reasonable number of developments underway and a great deal of them are expected to be completed by 2012.