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The shortage of office space in London could ripple outwards to have a similar effect on other areas in the United Kingdom, according to experts. Those who have been intending to compare building insurance, possibly for the purpose of seeking some kind of investment property within London, have been warned that the lack of supply in office space in Central London could soon begin to spread out and affect other areas.
The chief economist for the Royal Institution of Chartered Surveyors, Simon Rubinsohn, says that at the moment various other areas across the country have a large amount of available secondary office space, which reflects the amount of development that had been happening in the months which led up to the credit crunch, but that “I am not sure that it is going to be the sort of property that businesses that may have inhabited a space in prime Central London would choose as an alternative”. Rubinsohn goes on to note that “There may be some ripple out effect in other parts of the capital and possibly a little further afield – parts of the south east or the Thames.”
Earlier this month, Savills released a report indicating that growth in the property market in the United Kingdom has slowed in the first three months of this year, with annual growth now standing at no more than 11.6 per cent.
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