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Crisis? What Crisis? Asks Bullish Knight Frank

LONDON-Knight Frank's latest Central London research indicates that the London office market has proved more resilient in the face of economic uncertainty than might have been expected.

By Graham Parker | Updated on January 18, 2002

LONDON-A series of large deals boosted central London office take-up in the final quarter of 2001 to 2.8 million sf according to new research from Knight Frank. This took total annual take-up to 13.1 million sq ft, which compares well with the long-term average. The biggest deal was Barclays Bank’s decision to take 650,000 sf at Canary Wharf.

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.

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