INDUSTRY NEWS

New London lettings confirmed

A raft of new lettings in London has lifted some of the recent doom and gloom that has surrounded the commercial property market.

IVG Real Estate has confirmed four lettings at its City development and Bermondsey Square in Southwick secured its first prelet, Property Week has reported.

IVG has said it completed on more than 170,000 sq ft of office space and announced three-quarters of its scheme is now let.

Igloo Regeneration, owner of the Southwick site, has successfully let the second floor of its £60 million development to public relations firm Cow PR, on a ten-year lease.

Information services company, Experian has claimed there were 57 per cent more insolvencies this year from the business and financial services sector, compared to 2007.

Matthew Sherwood, senior global economist, said: “The numbers for financial and banking services are not surprising given that the credit crunch has plagued the economy for the last year.”

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