INDUSTRY NEWS

Central London office take-up drops, but West End booms

New research has revealed a drop-off in the amount of central London office space being taken-up in the second quarter of 2011.

But whilst the financial district struggles, the West End is booming, according to a study by CB Richard Ellis.

Take-up in the centre of the capital dropped to 2.2million square foot between April and July, down four percent on the first quarter of 2011, and 26% below the long-term average.

Despite this, the West End resurgence has seen an 18% rise in take-up in the same period, with 1.2m sq ft being leased.

The figures show growth in the West End has continued unabated for seven successive quarters – with a vacancy rate of just 3.8%.

Central London rent rates have stalled at £55 per sq ft in the City and £95 in the West End, but in Soho, rents are up by £2.50 per sq ft, along with rents around Oxford Street.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office space

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