INDUSTRY NEWS

Demand outstrips supply in clamour for London offices

Last month saw a huge boom in businesses looking for office space in London’s financial district, according to a new survey.

Reuters reports that demand for offices in the capital was far higher than the amount of space available during May.

The figures underline huge business confidence in London, along with news that the number of flagship office developments in the city has doubled in the past year.

It is the first time in two years that there has not been a surplus of office space in London during May – figures for 2010 show 1.1 million square feet of vacant office space, with 2 million sq ft free in 2009.

Rents for top offices are expected to rise by five to 10 percent per year over the next four years according to forecasters – further cementing the path to recovery from the global recession, which had threatened to cripple the capital’s property market.

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