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Central London Take-Up Hits Ten-Year Low

LONDON-Take-Up in the Central London office market hit a ten year low during the first quarter of 2002, according to Jones Lang LaSalle. But the agent says signs of recovery are already appearing.

By Graham Parker | Updated on April 12, 2002

LONDON-The first quarter of 2002 saw just 1.27 million sf taken up in the central London office market, the lowest quarterly total for a decade. Activity was down across all size-bands and locations, according to new research from Jones Lang LaSalle.

There needs to be a strong recovery if 2002 is to match the annual total for 2001 of 11.1 million sf which in itself was significantly down on the 2000 record figure of 17.7 million sf. However JLL expects the situation to improve: After falls of around 45% over the second half of last year, active demand has recovered by 17% in the West End and 30% in the City as confidence has begun to return and new enquires have emerged.

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