British Land hits a 92 per cent occupancy rate
British Land has recently announced that they have secured lettings on 465,000 square feet of office space since February.
British Land had previously established a significant London based deal with the Macquarie Group, Gill Jennings & Every LLP and Dickson Minto for 256,000 sq-ft of office space.
Now with similar lease agreements, British Land has reached a staggering 92% occupancy rate.
Although office space is still available in these two buildings, 57% of these properties are now occupied by London based businesses.
Tim Roberts, Executive Director and Head of Offices, said, “The level of letting activity in the London office market has increased significantly in the first quarter.”
“We’ve seen rental values firming with all of our recent deals accretive to value.”
Individual lease prices have not been disclosed. However the new leases have been set at a minimum of 15 years, and rental income is expected to exceed £19 million.
The company has completed five new office buildings within the last two years, and despite this increase in supply there has still been a significant level of interest in vacant office space.
Mr Roberts said, “We continue to see good levels of interest in our remaining space and are optimistic about the outlook.”