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Office Development Stalls on M25

LONDON-Lessons learnt by developers in the property slump of the early 1990s appear to have been well heeded according to research released today by agency Knight Frank. New speculative starts around the M25 have been put on hold.

By Steve Killick | Updated on August 07, 2001

LONDON-Pre-letting of business space around the M25 has dropped by a staggering 80 per cent compared to this time last year according to a report just released by London based agent Knight Frank. Reflecting current uncertainty, there has been a notable tail-off of activity in pre-let transactions over the last three months with just three deals being agreed around the entire M25 market.

Alastair Elliott, partner and head of Knight Frank’s business space team, said ‘In contrast with previous cycles, developers and investors appear to have so far responded rapidly to fluctuating economic conditions. The development market is slowing with new space expected to reduce further during the remainder of the year.’

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