Central London office take-up slowed in the first half of the year, a report by Colliers revealed today.
The eight-page report says that, compared with the first half of 2006, the change in the amount of office space taken had fallen by 19% from 2.6m sq ft to 2.1m sq ft.
But the report paints a positive picture for office take-up with continued upward pressure fuelled as developments are completed to supply the limited market with grade A office space.
Positive outlook
The report shows that preletting as at the heart of the scheme with spaces like Development Securities’ 1 Kingdom Street and the Crown Estates’ 1 Vine Street in London’s West End due for completion in early 2008.
Demand for space in the City also remains high as shown at British Land’s 801,000 sq ft development at 201 Bishopsgate where there is already a 60% prelet.
The report also says the outlook is good in the Docklands because of the high preletting take-up – but warns that a lack of speculative development could restrict the market.
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