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Commercial Property News
CBRE sees supply of London business property declining
Tenant demand for London business property remained strong during February and is unlikely to tail off in the short term.
This is according to new research from CB Richard Ellis (CBRE), which revealed the available supply of office space in central London was down to 17.7 million sq ft by the end of the month as the figure continues to fall from the record high of 21.3 million sq ft set in June 2009.
In the City and the West End supply is down to 7.1 million sq ft and 6.6 million sq ft respectively, while the overall availability rate is down to 8.1%, a figure not seen since the closing months of 2008.
Three deals involving commercial property for rent measuring in excess of 100,000 sq ft were completed over the course of the month and head of CBRE's central London agency Digby Flower said "falling supply will continue to drive rental growth over the remainder of the year".
A recent report from CBRE concluded the capital is still a key competitor among the world's other financial centres, due largely to cheaper prices when compared to locations such as Hong Kong, Singapore and New York.
This is according to new research from CB Richard Ellis (CBRE), which revealed the available supply of office space in central London was down to 17.7 million sq ft by the end of the month as the figure continues to fall from the record high of 21.3 million sq ft set in June 2009.
In the City and the West End supply is down to 7.1 million sq ft and 6.6 million sq ft respectively, while the overall availability rate is down to 8.1%, a figure not seen since the closing months of 2008.
Three deals involving commercial property for rent measuring in excess of 100,000 sq ft were completed over the course of the month and head of CBRE's central London agency Digby Flower said "falling supply will continue to drive rental growth over the remainder of the year".
A recent report from CBRE concluded the capital is still a key competitor among the world's other financial centres, due largely to cheaper prices when compared to locations such as Hong Kong, Singapore and New York.
Mon, 22nd Mar 2010