Vacancies are now at their highest level since June 1996. But Catherine Rees, Knight Frank's Regional Research Manager said: 'Knight Frank has been commenting for almost four years about the lack of availability within the M25 office market. Liquidity is viewed as a healthy element of the market, allowing immediate requirements to be resolved and ensuring the market does not stagnate.'

And Knight Frank is forecasting that vacancies could continue to rise during 2002, with the vacancy rate going as high as 8.5% by the year end.

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