CBRE releases Central London Offices overview
Commercial real estate advisor CB Richard Ellis have released their monthly figures for the Central London office market
Figures for June 2010 have been released by commercial real estate specialists CB Richard Ellis outlining the market trends for London office take-up.
Overall, leasing activity has improved since the previous month and four key office deals went through towards the end of the quarter, which boosted Central London take-up with offices spanning in excess of 50,000 sq ft achieving occupancy. West End offices have seen a dip in availability by 0.4m sq ft to 5.9m sq ft in all. However, office space availability for office movers seeking a City location has decreased by half this figure, from 0.2m sq ft to 6.1m sq ft.
Rents have seen a slow but steady recovery and are expected to continue mending into next year. Central London active demand for office space in Central London went on to reach 9.8m sq ft.
Total take-up rates for the city were at 506,400 sq ft net while Docklands offices reached 188,200 sq ft net showing a dramatic monthly change of 626 per cent.
For companies planning an office move, the main considerations are that market recovery following the global recession has lead to the lowest availability level recorded for the past two years. Rental availability rather than demand for office space is predicted to be the key driving force in the market at present.
