INDUSTRY NEWS

Rise in amount of London office space developed during 2011

A recent report released by real estate firm BNP Paribas has displayed that the development of London office space has increased during 2011.

The figures featured in the report, entitled ‘The BNP Paribas Real Estate RADAR London’, have shown that there was an increase of around 4 per cent more office space under development in the central London area.

With a low level of speculative development, and completions currently at their lowest levels in five years, these figures come as something of a surprise.

A low level of completions is expected to be carried over into 2012 and even 2013, with the amount of grade A office space under construction also at an all time low.

The BNP Paribas Real Estate RADAR London report has also forecast that following 2013, the supply of London office space will pick up – with a number of tower office schemes scheduled for completion, such as the much-anticipated Leadenhall Building and 20 Fenchurch Street.

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