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There will be millions of square feet more of office space in London within another four years. The lack of grade A serviced office space in the City has led many major developers to begin a number of new projects in hotly sought after areas in the capital, such as the Shard, 100 Bishopsgate, the Pinnacle, the Cheesegrater and the Walkie-Talkie. These projects are already under construction and are expected to be completed by the year 2015, adding a total of 3.7 million square feet of extra office space to Central London within the next four years.
The demand for office space remains high all across the City, with the West End alone showing a 22 per cent increase in the demand for such space in the second quarter of this year, though this can be attributed in large part to Google’s much publicised move from Victoria to the much talked about St Giles development.
The West End is far from being the only place in London to have experienced such an upsurge however, with the East of the City also seeing a significant increase in demand for office space, 30 per cent in the EC1 postcode alone and no less than 125 per cent increase in Farrington. Industry analysts say that the increase is down to start-up businesses being attracted to those areas due to the relatively cheap price of rent.
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