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London Office Markets Bounce Back After 11 September

LONDON-Office take-up in the main central London office markets appears to have picked up in the final quarter of 2001, in spite of the economic turmoil in the wake of 11 September, according to new research from FPDSavills.

By Graham Parker | Updated on January 09, 2002

LONDON-New research from agents FPDSavills shows that the impact of the 11 September atrocities and the ensuing economic disruption on the central London office markets was not as severe has been feared. In both the City and west End markets take-up increased in the final quarter of 2001.

In the City of London, FPDSavills calculates that take-up reached 1.42 million sf over the final three months of the year, a 46% increase on the previous quarter. This took take-up for the whole year to 6.12 million sf. However this figure is down 11% reduction on performance in 2000, which was the strongest year the City office market had witnessed since 1987.

And in the West End final quarter take-up reached 825,826 sf, up on both the second and third quarters of the year. This brought the annual total to 3.3 million sf against 4.1 million sf in 2000, which when the market saw the strongest take-up for a decade.

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