Bright future for London office developments.
The London property investment market looks promising in coming years.
The amount of companies wanting to invest in London means that the city has a bright future on the rental market. The current lack of quality office space in London has resulted in there being more demand than supply for office space than ever before in the city.
Richard Garside of GVA city Investment has been speaking out lately on Asset TV about his confidence in the London office space and property market over the coming years.
Currently the capital is by far the leading UK city for office property development and investments. The only problem is the lack of completed projects currently and any high quality office space has already been snapped up by other investors.
“London accounts for more than 20% of total GDP, which is only going to get bigger,” commented Richard Garside.
Developments in London are still a little bit lean considering the circumstances however, with most expecting competition by 2013 at the earliest. 2014/15 look to be promising however with the estimated completions of the 122 Leadenhall Street and 20 Fenchurch Street office developments.
“The buildings that will be developed over the next four to five years are really going to put London on the map. We’ll go from having a small handful of tower buildings, built mainly by owner occupiers, to a new wave of 40 and 50 storey buildings which are going to be really iconic,” said Richard Garside.
For now office space in London is restricted but developments such the CLS development of Vauxhall and the recent completion One New Change point to a brighter future for London office space.