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M25 Office Vacancies Rise As Take-Up Slumps

LONDON-Office Vacancies in the M25 London suburban office market are beginning to rise following a slump in take-up during the third quarter of 2001, according to DTZ research

By Graham Parker | Updated on November 14, 2001

LONDON-The take-up of office space in the important M25 office market fell by 36% in the third quarter of 2001 while the availability of space rose by 33% to stand at 0.55 million sf. As a result agents have been cutting asking rents in the western M25 market by as much as 5%. And speculative office development has almost ground to a halt.

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.

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