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The rate of leasing for office space in Central London doubled in the month of May, according to new figures. The figures, released in the new Central London Monthly Overview report from CB Richard Ellis, shows that the leasing of office space across the month of May rose to 777, 900 square feet, a statistic that is 24 per cent higher than at the same period in the previous year. The increase in office space leasing in Central London was, however, markedly different to the statistics in other areas, with falls across the submarkets. Taken on a six-month basis, the figures show that the West End of London saw leases rise by 12 per cent, but that they fell six per cent in the city as a whole.
While take up figures rose in Central London, availability of commercial property in Mayfair and other parts of the West End did not, remaining flat at 6.3 per cent for the second month in a row, while early, new and second-hand marketed space suffered from marginal falls. Availability in the city itself rose slightly, but fell by four per cent in the West End.
“Availability continues to tighten,” notes the head of Central London Agency at CB Richard Ellis, Digby Flower, adding, “We expect this to drive an increase in the number of pre-lettings as evidenced by the recent announcement of AON going under offer in 191,700 square feet at The Leadenhall Building.”
While leasing levels of office space showed signs of recovery in May, they still remain under the normal long-term average.
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