INDUSTRY NEWS

London offices booming – study

New research by Colliers International claims the London office market is booming.

Demand and uptake of offices in the capital is far higher than elsewhere in the UK, the report suggests.

It found more than 1.8 million square feet of London office space has been taken up in the first half of 2011.

The West End specifically is enjoying a huge resurgence – with six-month occupancy figures rising faster than they have since 2005.

In Central London, 17% more top-grade office space has been taken up in the past 12 months, leading to a 30-month low in availability.

According to Property Week, Mike MacKeith, head of central London offices at Colliers International, said: “Competition for Grade A space will remain the key driver of rental uplift during the remainder of 2011. Despite that, overall 2011 take up is likely to be below average in both the City and West End markets.”

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

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