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Central London Office Market Holding Up

LONDON-A record amount of space is currently under offer in central London, and Jones Lang LaSalle takes this as an indication of the underlying strength of the central London office market.

By Graham Parker | Updated on October 12, 2001

LONDON-The office market in central London appears to be holding firm, according to a new report from Jones Lang LaSalle. A record amount of office space is currently under offer, and there is still evidence to support strong rents.

The JLL report said that despite a slow summer period, rents remained strong during the third quarter of 2001. In the West End, £67.50 ($97) per sf was achieved at 105 Wigmore Street, a record rent for north of Oxford Street. And in the City, £65 ($94) per sf was achieved on a letting at 20 Old Broad Street, together with £68.50 ($99) for a 5,500-sf unit at City Point, Ropemaker Street.

Although overall demand for space fell, almost 700,000 sf of new West End requirements were registered during the quarter. West End demand in the is at the same level as in the first half of 2000 and one third higher than in 1999. The West End vacancy rate now stands at 3.9%. And City vacancies remained stable at 4.42 million sf representing a 5.3% vacancy rate.

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