Office space take up in the City of London doubles.
Statistics show that take up of office space in the City of London has doubled.
Recent research from property experts CB Richard Ellis shows that office space take up in Central London doubled during May 2011. Statistically this means there a was a 24% increase in transactions when compared with the figures from last year. Overall there was a total of 777,900 square feet of office space taken up during the month.
However, the rest of London did not see such positive results. Office space within the City of London and Southbank actually saw falls in the amount of commercial office space being taken up. When looked at from a six-month rolling average office take-up remained pretty much static and fell 6% in the City but rose 12% in West End London.
“Availability continues to tighten and we expect this to drive an increased in the number if pre-lettings as evidenced by the recent announcement of Aon going under offer n 191,700 sq ft at The Leadenhall Building,” commenting Digby Flower, head of the CB Richard Ellis Central London office.
Office space availability in Central London has stayed relatively flat for the second consecutive month keeping the office availability rate at 6.3%. London’s West End saw a 4% drop in office space supply, approximately 4.4 million square feet of available office space. Available office space in the City of London rose to around 6.1 million square feet.