Market update for West End office space
Find out how this vibrant area of office space is faring as the economy recovers
In the first quarter of 2010 the West End has seen a rise in office space take up, showing a recovery in form from the previous year’s results. This bodes well for the UK market as the West End area is a key zone for the British commercial property market.
Last year a total of 702,307 sq ft was taken up by new office tenants looking to make the most of the fantastic business networks and the international hub of the West End, known for drawing global businesses to its office space. March alone was a profitable month for the West End with approximately 226,735 sq ft of office space being leased out to tenants.
At the end of the first quarter the average office space deal size was approximately 2,938 sq ft and 811.804 sq ft of office were still under offer. Headline rents for the area of West End were at around £89.06 per sq ft of work space. In all, London’s region of the West End dominated nearly 6.04 million sq ft of prime commercial property space on the market, approximately 60 per cent of which was second hand office space. With around 507,007 sq ft now under construction or refurbishment, it is hoped that a fresh burst of office space will become available before the year is out making it one to watch for those thinking of a business move to London.
If you are thinking about a move in W1 access the W1 Moving Office Guide get your office move off to the right start.
