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Central London Vacancy Rates Leap in Q4

LONDON-Central London office vacancy rates rose from 6.1% to 7.8% in the last quarter of 2001--a 28% increase in availability. Much of the space coming to the market is second-hand.

By Graham Parker | Updated on January 15, 2002

LONDON-Central London office vacancies rose by 28% in the final quarter of 2001, according to new research from GVA Grimley, taking the overall vacancy rate from 6.1% to 7.8%. And take-up in the quarter was down 37% on the third quarter and down 61% on the same period a year previously at 2 million sf. Total central London office availability now stands at 13.5 million sf

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.

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