DTZ calculates that take up for the first three quarters of 2001 is down 33% on the equivalent period of 2000. But it is still 10% above the level for 1999 during the peak of the dot.com/technology boom. The slowdown in take-up has been most evident in the western sector where just 248,000 sf was leased or sold compared 570,000 sf in the second quarter.
Andrew Mason, Director in DTZ's M25 team, said: 'The particular exposure of the western sector to the TMT sector has clearly had a significant impact on letting activity. Reassuringly, there has already been a decrease in the volume of new schemes moving through the development pipeline, suggesting that the ability of the market to weather the significantly decreasing levels of demand is reasonably sound.'
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
