INDUSTRY NEWS

London office market outperforms rest of country

A new property survey looking at demand across the UK has found that the London office market is booming.

Demand, rent and investment in property has fallen across the country, but London is bucking the trend.

The RICS Commercial Market Study for the first quarter of 2011 found that whilst demand from tenants is rising, rents are dropping and the number of vacant properties is rising.

In London, however, the outlook is good – with demand increasing and signs of a recovery on the way.

The survey shows that rent in the capital is now rising faster than it has done since 2007, with the number of empty offices dropping.

Whilst development across the UK decreased in the first three months of 2011, it rose in London.

But RICS said it did not believe the current boost enjoyed by London offices would extend elsewhere over the next few months.

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