And looking ahead, Knight Frank is aware of a further 14 million sf of demand, although only half is currently active. However availability is rising. Knight Frank puts the Central London vacancy rate at 7.7%, up from 3.3% a year ago, with 15.3 million sf now available.
Sarah Bate, Knight Frank's Head of Central London Research said: 'There is no doubt that the release of second-hand accommodation will shape the supply profile across Central London during 2002. However, in the context of history, total availability is still well below the long-run market averages and with developer caution, speculative development levels are falling. This will guarantee that we will not return to the same disparity between supply and demand experienced during the early 1990s.'
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