There is currently over 2.3 million sf of available space in the West End with the figures swollen by three of the largest development sites to come to market for many years. Following its move to Paddington Basin, troubled retailer Marks & Spencer is looking for partners to redevelop its former headquarters in Baker Street while the Crown Estate has submitted an application for its £500 million redevelopment in Regent Street. In addition, Grosvenor Estate has secured a consent to redevelop the former BP headquarters in Buckingham Palace Road, which, with nearly 250,000 sf, will make it one of the biggest office schemes in the West End.

Catherine Jones, of King Sturge's research department, says that, despite the leveling of rents and the fall off in letting activity, 'the market generally remains buoyant. Even though headline rents were down during the second quarter, the trend is still rising with the West End the most expensive business location in the world. We expect moderate, but continued growth for the rest of the year,' she says.