Central London office market undergoes impressive recovery | 30 December 2013
London’s office market has seen a 50 per cent increase in take-up, according to the latest figures.
Commercial real estate broker Cushman and Wakefield predicts that 11 million sq ft of office space has been leased in 2013 – an increase of 50 per cent on 2012.
Notably, large office space was snapped up, with 30 deals on premises over 50,000 sq ft, according to property-magazine.eu, whilst the media and tech sector led the way when it came to new acquisitions – covering 36 per cent of take-up.
Speaking to propertyweek.com about his firm’s research, head of City office agency, Andrew Parker, said: “The city office leasing market continues to go from strength to strength, which has been reflected in the number of occupiers committing to pre-lets, in anticipation of a shortage of space.”
Looking ahead to the property market in 2014, Mr Parker added: “The imbalance between supply and demand for larger units will continue to characterise the market and we expect the number of pre-lets to increase further in 2014.”
2013’s figures, combined with new space coming onto the market could tip rents up further. Cushman and Wakefield anticipates that City rents will increase by eight per cent, with the West End seeing nine per cent growth.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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