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Central London Office Market Slumps in Q4

LONDON-New research from Insignia Richard Ellis paints a bleak picture for the central London office markets, with take up falling by 19% and availability rising by 25%. The slump is set to continue.

By Graham Parker | Updated on January 14, 2002

LONDON-The Central London office market closed 2001 on a low note, and there is little prospect of an improvement in the short term according to new research from Insignia Richard Ellis. Demand is falling; availability is rising and rents are under pressure.

Take-up in Central London fell by 19% from 2.8 million sf in the third quarter of 2001 to 2.3 million sf in the final quarter. This took the annual total to 13.4 million sf, 30% down on the 2000 record level of 18.5 million sf.

The slump in demand after 11 September has hit the City of London financial district particularly hard, with just 320,000 sf leased in the final quarter after a number of sizeable deals failed to materialise. In the West End, on the other hand, two major deals boosted Q4 take-up to 0.78 million sf, slightly up on the previous quarter.

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