The London Midtown Office, Offices and Retail Space Market
Insight ahead of change
Our Quarterly Midtown office, offices and retail Research Report provides definitive insight into issues affecting commercial rents and sale prices for tenants and investors.
| Latest Issue - Q1 10 The absence of good quality space is stifling performance, take-up in Q1 was 376,000 sq ft, 29% lower than Q4 09 and 26% below the quarterly average of 500,000 sq ft. Despite that, the continued lack of any significant deliveries of space (with little or no pipeline either) has led to supply stabilising in Q1 10 to 2.74m sq ft. With no new starts and the completion of just 50,000 sq ft of speculative space in Q1, office construction fell to 645,000 sq ft, 75% of which is due to complete in Q2, with the balance between Q1-Q2 2011. After Q2 10, any office space available will largely be as a result of occupier churn, particularly their absorption of secondhand space.
The supply figures translate to an overall Midtown availability rate of 8.1%. WC2 remains the tightest market, at a 7% availability rate. WC1 was at 8.5%. The parts of EC1 and EC4 within Midtown had availability rates of 8.6% and 9.1% respectively. Midtown's availability rates compares favourably with the City and the West End at 12.4% at 10% respectively.
To obtain a copy or arrange a market presentation, please contact David Perry on 020 7855 3530.
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