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Central London Availability Reaches Five-Year High, Says DTZ

LONDON-The office vacancy rate in central London has soared to a five-year high of 7.1%, according to new research from agent DTZ. Less than two years ago the rate was as low as 2%.

By Graham Parker | Updated on December 11, 2001

LONDON-Office vacancies in central London have reached a five-year high as the economic downturn forces companies to reduce their space requirements, according to the latest figures from property adviser DTZ. Another 1.3 million sf of office space came to the market in November, 2001, pushing vacancies up to 14.2 million sf. At 7.1% the vacancy rate is now at its highest level since the beginning of 1997, yet as recently as 2000 the figure stood at 2%.

In the last two months office availability has risen by a third while demand for central London office space in is half what it was at the peak in July 2001. Total take-up in November was just 600,000 sf.

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