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US Slowdown Hits Western Corridor Market

LONDON-The withdrawal of US companies from the market has slashed take-up in the UK's Western Corridor. According to CB Hillier Parker, take-up in the first half of 2001 was only half the level seen during the preceding six months.

By Graham Parker | Updated on July 24, 2001

LONDON-The slowdown in the US economy has had a dramatic impact on the UK’s Western Corridor– the area with the highest concentration of US businesses. Over the past five years US companies have accounted for two thirds of take-up in the area, and their withdrawal has hit the market hard.

According to new data from CB Hillier Parker, take-up in the second quarter of 2001 reached 496,000 sf, the lowest level recorded since 1996 and almost 60% down from the previous quarter. And take-up during the first half of the year amounted to 1.6 million sf, down from almost 3.5 million sf during the preceding six months.

CB Hillier Parker’s report says that the decline has been most dramatic in the pre-letting market, as companies have become reluctant to make forward commitments. During 2000, pre-lettings accounted for half of all take-up. So far in 2001, this proportion has fallen to about a quarter.

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