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London Office Leasing Stays Subdued

LONDON-Short-term economic uncertainty is continuing to stifle corporate property decisions, according to the latest research from CB Hillier Parker. Activity in the Central London office market remains subdued.

By Graham Parker | Updated on April 07, 2003

LONDON-Global economic uncertainty is taking its toll on the central London office market, according to new research from CB Hillier Parker. Office take-up in the first quarter of 2003 reached 1.8 million sf, barely up on the previous quarter’s figure. And take-up for the 12 months to March 2003–at 9 million sf– is nearly 25% below the ten-year average of 11.8 million sf.

The performance of London’s various sub-markets continues to fluctuate. The City market, saw a sharp rise in take-up to 775,000 sf, boosted by two large lettings to Ofcom at Riverside House, Southwark and ICAP at 1-2 Broadgate. But the West End market saw a 20% fall in take-up against the previous quarter.

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