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Hammerson Hit by Falling Demand in London

LONDON-Hammerson blames a 4.8% dip in profits on the fall in demand for offices in London.

By Anita Howarth | Updated on August 28, 2002

LONDON-Hammerson has blamed a small drop in interim profits from £37.3 million ($57.2 million) to £39.2 million ($60 million) on the fall in demand for offices in London.

Demand for offices in central London fell in the first half because occupiers were cautious about making new commitments. Some businesses were seeking to sub-let, particularly in the light of the continued weakness in many financial markets. This led to a 10% fall in rental values.

Retail sales growth remained strong in the first half and the company expects continued rental growth in the second half. Although this is unlikely to reach the high levels achieved in recent years.

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