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June 8, 2012

Central London demand at highest level since 2009

Filed under: News — Tags: , , — Office Space @ 6:00 am

Central London’s office space market has picked up recently, with demand rising to the highest its been since 2009 as a result of interest finally catching up with the diminished supply of city office space, Jones Lang LaSalle recently found.

The commercial premises consultancy found that total demand figures stand at 12.6 million square feet currently after potential tenant demand increased by more than 12 per cent over the last year. JLL City agency head, Dan Burn, remarked that central London is shaking off its torpor as signs of life begin to creep back in – an innervation he attributed to the technology, media, and telecoms sector expanding.

While things are indeed looking up, it’s not all coming up roses. Demand was still under the 10-year average by five per cent, JLL warned, leading many to believe that the eurozone crisis and ongoing economic uncertainty have left firms reticent to relocate to new office accommodation, which means that leasing volumes are remaining modestly low.

It’s true that JLL expects that new office take up will be stagnant in the shorter term, the property consultancy did say that it found some evidence that select firms were regaining their lost confidence and have started to actively seek new opportunities. Mr Burn said that JLL has begun to see indications that 2012’s second half could have more activity in store for it than the first six months of the year, as quite a few quiet discussions have begun to take place on both existing office developments and those slated for completion in the immediate future.

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