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Flood of Second Hand Space Threatens London Office Market

LONDON-Pressure on the banking and finance sector as a result of the expected slowdown in the US economy will significantly impact the London office market according to the latest report from DTZ Debenham Tie Leung.

By Graham Parker | Updated on May 08, 2001

LONDON-Pressure on the banking and finance sector as a result of the expected slowdown in the US economy will significantly impact the London office market according to the latest report from DTZ Debenham Tie Leung.

The broker warns that the amount of surplus second-hand office space coming onto the market–both as as a result of the sector’s merger and acquisition activity and of the preleasing of new accommodation–will increase considerably. If the market is facing a downturn, the impact of this release of extra second-hand space could be critical.

Over the past year, 1.5 million sf of second hand space has been released onto the market, and readily absorbed. But the amount of surplus second-hand offices still waiting to be released stands at around 6.5 million sf.

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