Office take-up is down


The financial sector’s take-up of commercial property in London is down
due to the on-going credit crunch, a new report has shown.

Analysis firm, Atisreal, has revealed that banking and financial
companies only accounted for eight per cent of the take-up in central
London, Property Week has reported.

"In addition there were no deals over 20,000 sq ft to financial
occupiers in the City for the second quarter in succession," said
analyst, Andrew Marston.

The City’s total take-up was 23 per cent higher than the last quarter of
2007 and he noted tenants were taking smaller offices, between 5,000 and
10,000sq ft.

Companies looking for office space in London have a wide choice
available. Atisreal found there is 2.5m sq ft of office space in the
West End.

The Bank of England will be under pressure to cut interest rates to five
per cent on April 10th, after its monthly two-day meeting.ADNFCR-1329-ID-18536998-ADNFCR