Despite over 2m sq. ft. of office space being leased in Central London between July – September 2012, overall take-up in the capital is down 14% according to commercial property specialist CBRE.
This apparent lull in activity is however hiding positives in the commercial market, as the high volume of space under offer looks set to drive down the overall supply across the city once leases are finally confirmed.
Highlighted as being of particular note is the West End, where a 32% increase in the amount of office space under offer was recorded in the third quarter of 2012, prompting suggestions that leasing levels will see recovery before the end of 2012.
Commenting on the data, Executive Director at CBRE, Emma Crawford explained:
“While the fall in availability is encouraging, the market will focus on the high levels of space under offer. This will herald a welcome strong final quarter from a leasing perspective and demonstrate the enduring appeal of London as a business location.”