INDUSTRY NEWS

Optimistic future for London commercial property

Commercial property occupiers in London are ‘optimistic’ about their prospects, according to a new survey from a global commercial real estate broker.

The survey concluded a significant amount – nearly 90 per cent of commercial properties in London, expect business to improve or stay the same over the next 12 months, whilst nearly three quarters of occupiers are looking for further growth opportunities.
 
The results proved positive in a number of areas. 79 per cent predict that their employee numbers will increase or stay the same and two thirds, expect the general UK economy to improve or maintain its position in 2011.
 
The survey, which was carried out by Ipsos MORI, involved interviews with 300 large companies situated in London across a range of sectors.
 
With an estimated 5.1 million square meters of lease events taking place in central London over the next five years, this positive sentiment should result in valuable opportunities for developers; new office buildings in particular.
 
The survey suggested one of the most important pull factors for the capital was the availability of staff, closely followed by the availability of suitable office premises, transport infrastructure and proximity to major customers. These factors varied according to the company; dependent on their particular sector.
 
‘As we hopefully move into more economically stable times, these findings show that occupiers in the capital are feeling cautiously optimistic about their own business prospects,’ said James Young, head of the
global commercial real estate broker‘s London Group.

London commercial property news brought to you by DeVono Cresa, specialists in London commercial property.