Monday, 27 September 2010
London office market update
Thinking of moving office to London? Find out the latest market figures from a recent report
For many businesses, London is a prime choice for those wanting to move office. Not only do companies have access to outstanding transport links and amenities, but their businesses are put on the global map with increased opportunities for making international business connections.
But like any office move, it is crucial to venture into the market place with a clear idea of what you’re signing up for before you make the decision to up sticks to a new workplace. According to a recent report, take up for the City market in terms of commercial property now stands at 5,296,911 sq ft (492,112 sq m) from the period of January to August 2010. However, the amount of marketed office space available was at 11.5 million sq ft. This means that following a decline in office space availability due to increased levels of occupancy, the City market is now seeing a rise in levels of availability. Businesses thinking of moving office to the City of London in this climate could grab themselves a bargain with the possibility that landlords will be appealing to keep their rates of occupancy at previous levels.
In the month of August 2010 alone, nearly 0.3 million sq ft of office space was taken, with around 29 per cent of this being second hand desk space. The headline rents were reportedly at around £38.50 psf pa. It is critical when venturing into the office market to get the latest market trend information on your prospective area so you are able to make a fully informed decision.
