Buoyant London office market to continue
Good news for companies moving office to the capital city
Companies planning an office move to London will need to be quick off the mark as the commercial property market continues to be ‘buoyant’. Work space in the capital has been reported as being in healthy demand according to research by a leading commercial property agent.
In response to office relocation demand the rents on office space in London is expected to rise and the supply of Grade A office space is thought to decrease thanks to a boost in companies moving to the global business city. Rents in the popular West End area are thought to reach somewhere in the region of £95 per sq ft in some of the larger office space with rates of over £60 per sq ft in the City.
Publishing and advertising PR companies are making the most of West End space according to research. Jonathan Evans, Head of West End Agency and Development at Jones Lang LaSalle commented on their research, saying: “Occupiers will be chasing limited supply; Grade A office space fell 32 per cent across London in 2010 – the most rapid reduction since 2000 – and this will continue to support growth.”
Office space take up is also expected to pick up in the Square Mile as new speculative developments make progress. Investment in the London commercial property market is also up on the previous year, bringing renewed hope that the capital is finally finding its feet post-recession.
Ensure you find a reputable commercial property agent in London's West End to assist with agreeing the competitive office rent and lease terms on your behalf.
