CBRE report details rise in Central London office leasing
Figures from a report by CB Richard Ellis have noted a change in the levels of leasing in the capital city
A report published by commercial property experts CB Richard Ellis has noted that leasing levels in the capital city are on the up while take up for Central London office space has weakened slightly. According to the figures from researchers, availability in the central business district of the capital has fallen to 15.0m sq ft. Meanwhile, data reflects a fall in the active demand for space with a drop to 9.3m sq ft which indicated it has hit its lowest level since the start of the year.
August is typically a slow month in the office leasing calendar, however, the London commercial property market has experienced an increase in leasing since last year’s figures. Key statistics have revealed that rental values are up since August 2009, while availability is down in the same time frame. Perhaps the most encouraging revelation is that the Central London market over August has experienced take up overall for this year that now exceeds that experienced in the whole of 2009 which puts the market’s performance in perspective.
Despite a fall in active requirements in the centre of London by 17 per cent over the course of the month, demand in the West End has increased by nearly 8 per cent to 3.2m sq ft, showing pockets of increased activity.
