Commercial property consultancy Jones Lang LaSalle has reported that the demand for office space here in the Capital is the highest since 2009.
Linked to a rise in client demand and a dwindling level of supply, the report shows a 12% rise in the number of firms registering interest in securing office space across Central London – bringing the total active requirements to over 12m sq. ft.
Commenting on the report, Dan Burn of the firm’s City Agency explained that these “signs of life” in the property market have been primarily the result of expansions in the technology & media sectors.
“We are seeing a number of requirements which are quietly in discussions on existing and future product which could lead to an increase in activity in the second half of 2012” explained Mr Burn.
“The combination of the erosion of the existing supply and the occupier interest being shown in buildings being delivered into 2014, such as 20 Fenchurch street, will further restrict the supply pipeline and consequently the options available for the pent up demand.”
Despite expectations of a diminishing supply some of the latest and upcoming additions to London’s high-rise landscape remain largely empty, amongst which includes the 575,000 sq. ft. of empty office space on offer at The Shard – a situation which has attracted attention in the last few weeks.