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London Office Demand Stays Steady

LONDON-The predicted downturn in the central London office market has yet to materialise, according to new research from GVA Grimley. Office take-up increased by nearly a third during the third quarter of 2001.

By Graham Parker | Updated on October 09, 2001

LONDON-The latest research by agent GVA Grimley shows the continuing strength of the central London office market. It is likely that the full impact of 11 September and its aftermath will not be apparent until the fourth quarter figures are analysed.

Take-up of central London offices increased by nearly a third in the latest quarter, from around 2.5 million sf to around 3.25 million sf. Over the first three quarters of 2001, take-up is now only 11% lower than over the first three quarters of 2000, which was itself a record high year. However availability has risen to 6.1% from 4.1 % in Summer 2000. But GVA Grimley points out that this is still low by historic standards: in the early 1990s availability reached 20%.

‘While this scarcity of supply has undoubtedly been an important factor in keeping availability low and holding up rental values, take-up rates also indicate that demand has remained strong,’ said Nick McCalmont-Woods, office agency partner at GVA Grimley.

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