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Central London Office Rents Continue To Fall Says DTZ

LONDON-Office availability in Central London has continued to rise in the third quarter of 2002, putting rents under further pressure according to a new survey from DTZ.

By Graham Parker | Updated on November 06, 2002

LONDON-Office vacancies in central London rose sharply in the third quarter of 2002, with availability soaring by 14% to 21 million sf. Availability in Central London now stands at 10.4% of stock, double the level recorded a year ago. And at the same time take-up is slowing, with 2.6 million sf absorbed over the quarter, down from 4.3 million sf over the previous three months.

As a result, prime rents have continued to slide to £57.50 ($90) per sf in the City and £67.50 ($105) West End. And DTZ is warning that headline rents will continue to come under pressure over the next few months, coupled with a further increase in the value of inducements.

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