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London is leading the way for Europe’s recovery in the office space market, according to a new report. The report, part of the European Office Property Markets analysis from property firm King Sturge, suggests that London is recovering more quickly than any other city in Western Europe when it comes to the take up of executive office space, just ahead of other major cities such as Geneva and Paris. The study predicts a forty percent drop in the amount of vacant office space in the city, while also estimating that there will be a literal doubling in the take up of business accommodation.
The consistent growth has also resulted in a rise in office rates of around ten percent, while London is also one of the only such cities to have actually begun to commence production on creating new executive office space developments as well. “The global reach of London ensures it is the largest creator of office jobs over the next five years,” believes the property firm’s head of research Andrew Burrell. “Businesses have benefited from well established global connections, particularly in finance.”
King Sturge is not the only company to have expressed such positive statements, either. Cluttons recently released a statement containing similar sentiments, noting that as of early October, London is already leasing office space five times faster than it was just two months ago in August. Paris and Geneva’s recovery is perhaps somewhat less dramatic, but nonetheless signals a positive upturn.
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