But this activity was not sufficient to prevent a marked rise in availability which soared 39% on the quarter to 12.5 million sf, or 5.7% of stock. Wit development activity relatively subdued, most of the space coming to the market was second-hand. CBHP calculates that second-hand space represents over 85% of total availability. And further additions likely over coming months as companies try to offload surplus space. The firm warned that rents are likely to soften.
Richard Holberton, Associate Director of Research at CB Hillier Parker said: 'Demand fell steeply in the second half of last year, and there are still clearly significant short-term economic uncertainties affecting corporate occupiers in central London. Consequently we expect activity levels and values to be comparatively subdued during the first half of this year.'
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