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Lower Demand, Higher Supply Is Good News, Says Agent

LONDON-A report released on London's West End office market by King Sturge makes depressing reading. Demand is down and supply rapidly rising but the market is still buoyant says the agent.

By Steve Killick | Updated on September 04, 2001

LONDON-King Sturge’s West End office report for the first half of the year says that supply is well up while demand has dropped by almost a third. The figures released in the company’s report, ‘West End Offices,’ show that availability has jumped 45% while take-up has plummeted by 32%.

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.

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