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A serious shortage of available office space in central areas is increasingly affecting businesses that are looking for commercial property in London, according to Pearl and Coutts. Take up of available office space remains high, with rents predicted to continue rising for some time to come, even as many companies are being forced to take drastic measures in order to try and cut down on costs. Demand for London office space is continuing to outstrip supply, in stark contrast to the situation going on elsewhere in the United Kingdom, where most areas remain static.
The occupancy rate in the West End currently sits at around 94%, the fastest rise in occupancy for around six years since 2005, while availability in Central London is now at its lowest point for around two and a half years, with a slowdown in developments in recent years being blamed for the current shortfall.
A spokesperson for Pearl and Coutts said, “Many businesses are inevitably trying to keep their overheads as low as possible right now, and a great number are opting for premises in alternative parts of London. It’s possible to source commercial property with great transport links, within a smart building, and with suitable on-site facilities without the costs associated with central areas… Without a reliance on the next phase of the building cycle, there’s no shortage of accommodation for our clients.”
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