City of London office vacancy rates have fallen to their lowest levels for six years, prompting an increase in prelets. The Times
Figures from Jones Lang LaSalle show that in the first three months of this year nearly 1m sq ft was taken off the market and a further 1.8m sq ft was under offer, taking overall vacancy rates down to 6.1% from 7.5% at the start of the year. There are now no units free of more than 100,000 sq ft.
Rents have risen to £55/sq ft but are tipped to rise to £65/sq ft by next year. Banks and law firms accounted for 34% of take-up in the first quarter.