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Demand for office space to rise in London | 27 April 2011

Demand for office space to rise in London | 27 April 2011

The demand for corporate office space in London will become so great that some 1.6 million square feet of space will be required over the next three years. That’s according to the Estates Gazette, which said that the huge amount of space equated to another “four Shards or five Heron Towers.”

Such a big rise in demand has been partially attributed to the rising confidence of firms throughout the capital; which intend to hire some 11,500 new staff over the next couple of years – primarily in the financial industry.

Estates Gazette confirmed this, claiming: “The financial services sector accounts for a large section of office space and 36 per cent of total take-up in the city can be attributed to the financial services industry.”

The news is even more pertinent as demand is already at a high level, the London Evening Standard reported. Currently, there is only 16.7 million square feet of space available in the City.

This represents just 7.4 per cent of the entire office space that exists in London.

Development and construction “fails to satisfy demand,” the newspaper said; and at present, the amount of space available is 50 per cent lower than it was in 2009.

It is hoped that as more and more jobs are created in all industries, the amount of office space available will once again rise – prompting good news for businesses in all sectors, throughout the capital.

Written by Deborah Bates on behalf of Qube Global Software. While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.

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