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South Bank Heading For Oversupply, Agent Warns

LONDON-The South Bank district--until now seen as one of London's strongest emerging markets--is in danger of oversupply, according to new research from Cluttons.

By Graham Parker | Updated on September 25, 2001

LONDON-New research report from Cluttons warns that the South Bank is facing a potential oversupply of offices if all of the developments with planning consent actually go ahead. According to the Summer 2001 ‘South Bank Update’ there is currently over three years worth of supply in the development pipeline.

Cluttons calculates that planning consent has been granted for more than 2.85 million sf of new development in the area. This is the equivalent of more than three years’ take-up at current levels. And on top of this planning applications have been lodged for another 1.6 million sf, primarily in Irvine Sellar’s controversial 1,000-ft tower at London Bridge Station. Construction activity is already high with over 650,000 sf currently underway.

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