Central London Offices Q3 2008

Published: September 2008
Source/Company: Colliers International

Abstract:
Key points in the latest Central London report include:



•Quarter on quarter take-up rose by 25% in Q3 2008. In total, 2.6 million sq ft of was space was taken over the quarter, well below the ten year average of 3 million sq ft

•Availability continued to increase, and now stands at 14.4 million sq ft, up by 16% on Q2 2008. The overall vacancy rate for Central London now stands at 7%

•Prime rents in the City remained steady at £60 psf but the West End saw prime rental levels fall by a further 4.5% to £105 psf. Headline rents across Central London are being held up by increasing incentives.

•The amount of space under construction fell over Q3 2008 as developments completed and new starts were put on hold. In total 12.5 million sq ft of space is currently under construction, with just 25% of this space pre-let.

•1.1 million sq ft of space completed in Q3 2008, with a further 2.6 million sq ft due to complete before the end of 2008.

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