Chesterton calculates there is nearly 17 million sf of large-scale office space in the pipeline, yet less than 2%--or 294,000 sf-- is available now, with a further three million sf scheduled for completion over the next three years. However, the pipeline figure includes 9.3 million sf of space with planning consent, of which more than 25% lies within three individual schemes: Lehman Bros' 823,000-sf Northgate development at Worship St, EC2; Land Securities' 727,000-sf scheme at New Fetter Lane, EC4 and British Land's 695,000-sf development at 201 Bishopsgate, EC2.

In spite of the downturn, last year saw pre-lettings signed on more than two million sf of space, the largest being Accenture's lease on 380,000 sf at British Land's Plantation Place EC3 closely followed by Marsh, which took 360,000 sf at Tower Place.

Claire Oliver, Head of Chesterton's City agency team said: 'There is a very limited supply of new big buildings in the City, although much secondary space has and will be coming onto the market during the course of this year.'