The demand for office space in Central London has seen a leading developer let a record level of commercial space in the last 12 months.
According to developer Great Portland Estates, which has a property portfolio valued at £2 billion in the Capital, commercial rentals for the firm totaled over £29m during the last year – with foreign investors and office space demand from tech and media firms said to have boosted the market.
Singled out was the demand for office space in London’s West End, with a growing number of firms seeking to expand their offices in this area of the capital.
Commenting on the activity, which accompanied the firms Preliminary announcement of results, Chief Executive Toby Courtauld explained:
“While we can expect further turbulence in the UK and eurozone economies, conditions in London’s property markets, particularly the West End, remain favourable.
“Tenant demand for new space is trending at the long-run average, with some pockets of strong interest from the likes of the TMT sector, while the supply of new space is low.”
This announcement follows information from Land Securities stating that concerns over the future of the Euro had slowed the take-up of office space in the Capital in recent months.