Midtown (WC1- WC2) - Q3 2007 London office market report
Take up in the first half in the WC postcodes was just less than 300,000 sq. ft., down on the 360,000 sq. ft. seen in the second quarter and well below the long run average of 410,000 sq. ft. per quarter.
FOCUS records just over 1 million sq. ft. of space available in the WC postcodes, a slight increase on the previous quarter.
Persistent shortage of new or refurbished space continues to dog the Midtown market.
Prime rents in Midtown continue to creep upwards to between £55 and £60 per sq. ft. up from £40 at the end of 2005. Average rents for new or refurbished space stand at £34.30 per sq. ft. with secondhand space available on average at £27.00 per sq. ft.