Investment in Central London offices reached record levels in the second quarter of 2007, new research released today shows.

According to figures from Knight Frank, investment turnover was £5.8bn during the period, the highest quarterly total ever. Of this figure, £3.4bn was transacted in the City, an increase of 17% from the first quarter.

Overall availability continued to fall, and now stands at 12m sq ft, reflecting a vacancy rate of 5.4%, with grade A space having a vacancy rate of 1.5%. Speculative development currently stands at 7m sq ft.