London Office Space at Five Year Low
Posted on: 14/01/2015

Research from Deloitte has shown that office space in central London is at a five year low, falling by 14% in the last 12 months and 48% since the high in 2009.

The most significant decline was experienced in the Victoria area, with available space falling by a staggering 46 percent since 2014. Similar falls in vacancy were shared across the entire West End, with Chris Lewis, head of tenant rep at Deloitte Real Estate, commenting that while all “core central London markets have seen in a decline” in 2014, West End have only a 4 percent vacancy rate which is “critically low”.

Whilst the extent of the decline this year is less extreme than experienced last year, available London office space is at its lowest level since 2008. Mr Lewis has further commented that “We expect strong occupational demand to remain during 2015 with a limited development pipeline. We anticipate 6.3% rental growth in the City and 8.7% in the West End over the next 12 months on prime Grade A buildings. In some areas where we are seeing very low levels of available space, we could see pockets of super-growth.”

With such estimations of high demand, office construction looks set to soar in the following years. Last year over 3million square foot of new office space was completed, however this far from matched the increasing demand. This is good news for contractors and consultancy firms who can expect lots of work their way in order to respond to this downfall.

If you have experience working on commercial projects and could help contribute to London’s office needs please call us on 02392 603030 or have a look at our current vacancies.

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