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Core West End Rents Hold Up But Fringe Shows Signs of Weakness, Says LSH

LONDON-The office market in fringe districts like Soho has suffered since 11 September, but other parts of the West End like Victoria and Westminster appear relatively unscathed, according to new research from Lambert Smith Hampton.

By Graham Parker | Updated on November 30, 2001

LONDON-Demand for offices in Soho and the area north of Oxford Street, W1, , has fallen away sharply since 11September, according to new research from Lambert Smith Hampton. These areas are dominated by media, IT and telecoms businesses which were already under pressure from the economic downturn. But the Victoria and Westminster office markets, dominated by Government and related businesses, are holding their own and could even see increased take-up says LSH.

But across the West End as a whole occupier demand is slowing and availability is rising, especially Grade B space as occupiers downsize to mitigate liabilities. By releasing space for assignment at historically low passing rents, this process is exerting downward pressure on rents as a whole, according to Matthew Warner, Head of Office Agency and Development at LSH.

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