INDUSTRY NEWS

Demand for smaller office spaces in London increases

According to a report released by a national property company, there will be an increase in demand for non-domestic rental properties in 2012.

There is said to be a high demand for rental property in the West End this year.

The report suggests that lease expires will be the main source of office space in the West End.

Last year demand for large units was high, however the report suggests that 2011 will see occupiers searching for space of 50,000 sq ft or less.

There is a great shortage of property over 50, 000 sq ft, comparing to last year where the company had nine lettings over 100, 000 sq ft.

The business service sector is said to show the highest demand for London office space in the West End, while the banking sector will continue to reside in the city.

Areas such as Paddington and King’s Cross will also see a rise in demand this year.

Commercial property news brought to you direct from DeVono Cresa, experts on London office space.

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