INDUSTRY NEWS

London office space demand rises by 6 per cent

One property specialist in London has released figures that suggest that central London office space demand rose by 6 per cent in the first three months of the year.

The West End yet again came out at the top of the list where demand was reported to have risen by 11 per cent equalling 4.3 million square feet.

These figures may suggest that many landlords could capitalise on the demand by pushing up rents in the most popular areas of the city.

A representative from a leading property agency in the city, said: “While the increased demand for London office space further demonstrates how strongly the market has recovered since the financial crisis, there is a growing imbalance between quality supply and increasing demand for Grade A space across London.

“As the development pipeline continues to deplete, upward pressure on rents will only get stronger during the rest of the year. During the next six months the West End market will definitely see prime rents in the core consistently surpassing the £100 per square foot mark”.

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

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