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London Office Availability Leaps By 50% In Three Months

LONDON-Office availability in central London grew by 50% in the third quarter of 2001, according to Healey & Baker's latest market survey. The vacancy rate rose to 4.1% from the previous quarter's 2.7%.

By Graham Parker | Updated on October 25, 2001

LONDON-Central London saw a surge in office availability during the third quarter of 2001, with vacancies rising from 2.7% to 4.1% in just three months, according to Healey & Baker, the EMEA arm of Cushman & Wakefield. And rents in the key West End market have started to fall, say the agents.

The Healey & Baker report points out that despite an increase in supply, the stock of Grade A space is still limited, and availability is still significantly below the average over the past ten years. And despite a 28% slump in identified requirements over the quarter, office demand is still running ahead of the ten-year average.

Across London as a whole, the financial and banking sector still has the biggest requirement for office space, although in the City lawyers are now the biggest takers of space. In the West End, the media and marketing sectors are the most active.

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