West End retain position as London’s office Hotspot
16/08/2011
Office space in the West End has bucked the surrounding trend, as office take-up rose 18% over the quarter to reach an above trend 1.2m sq ft, this is according to a recent report on central london offices. It showed take up of office space in the rest of Central London fell to 2.2m sq ft in Q2 as leasing activity remained subdued representing a slight decline on the previous quarter and was 26% below the long-term average.
Demand for new space from the creative industries was the primary factor behind the West End’s resilience. Deals involving Google, Double Negative and MPG were all completed during the quarter which was a continuation of a trend that began early last year.
The West End has now experienced seven successive quarters of trend or above trend take-up, which has pushed supply levels to 3.9m sq ft – its lowest level since Q1 2008 and only 1.1m sq ft higher than the low point of the last cycle. This has taken the West End vacancy rate to a recent low of 3.8%.
Source: Free Office Search
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