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While new research conducted by Colliers International has demonstrated that the availability level of Grade A office space in London stayed flat throughout the third quarter of 2011, and that quarterly take up also remains down by a quite significant amount, the good news is that pre-letting activity in Central London is at the highest peak for quite some time.
Overall office availability in Central London has stayed flat at 7.7 per cent, which in itself is not such bad news given that it marks the first time since the third quarter of 2009 that the quarterly vacancy rates have not registered a fall. The completion of office space at Cannon Place has helped to see the vacancy rates of new and refurbished space rise slightly by five per cent. However, the vacancy rate of the City remains unaltered on 9.5 per cent, which suggests a continued steady absorption of space.
Even so, the shortage of new supply is continuing to be a source of concern for many. When it comes to office space in the West End, the rate of new and refurbished accommodation has actually fallen by a further three per cent, now down by as much as 33 per cent just in the last 12 months.
“The market has seen a significant increase in pre-letting activity, which is at its highest for 12 months since the UBS deal at Broadgate,” says the head of Central London offices for Colliers International, Mike MacKeith.
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