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London Office Market Set for Rough Ride

LONDON-Prospects for the London office market continue to look gloomy. Take-up in 2002 fell to the lowest annual recorded level for more than 17 years, according to new research from Chesterton.

By Charlie Jacoby | Updated on April 01, 2003

LONDON-The immediate future for London office rents is not bright. That’sthe conclusion of new research by Chesterton.

Chesterton’s London Officessurvey for the fourth quarter of 2002 revealed that take-up in 2002 fell tothe lowest annual recorded level for more than 17 years and it continues todecline. Demand fell across the Capital, with the greatest being in the Citywhere take-up slumped by a massive 80% against a peak at the end of 2000.Elsewhere in London, demand was down by more than a third on the same periodin 2001 and nearly two thirds down on a five-year average.

On the supplyside, completions accounted for virtually all the new office accommodationcoming to the market, the total volume of which grew by nearly 10% over thequarter.

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