But GVA Grimley's Head of Research Stuart Morley points out that despite the subdued end to the year 2001 was still a strong year by historical standards. Although total central London take-up for the year--at 13.5 million sf--was down 25% on the record 2000, it was still 27% higher than 1999, was nearly identical to 1998 and was one of the best years on record.

GVA Grimley calculates that prime rents in the City and Docklands remained unchanged in Q4 2001 at £65 ($95) and £45 ($65) per sf respectively. But in the West End prime Mayfair rents fell marginally from £80 ($115) to £77.50 (£112) per sf. St James's rents remained static at £78 ($113) per sf.

. Morley said: 'Availability rates have risen gradually since autumn 2000 from a low of 4.1% to 7.8% now. The sharp increase in the fourth quarter of last year is clearly a reflection of world events, accelerating the mood of uncertainty in global markets. Nevertheless, take-up for the year as a whole was still one of the best on record and there is a definite need for more large-scale grade A offices to meet serious requirements from occupiers seeking to establish a presence in the capital or upgrade their accommodation.'