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The shortage of available office space in the West End of London is now becoming critical, according to at least one worldwide expert in the field. Global property consultant company Cushman & Wakefield say that with no major commercial property developments underway in the West End in 2011, it means that growing demand is only going to continue to push the rent price for serviced offices in the area sky-high.
Already, total supply has fallen by over ten per cent in the first quarter of this year, with supply levels standing at just over 18 million square feet at the end of last month, a drop of over four per cent from the same period at this time last year. The most active areas in the West End so far in 2011 are in Soho and Covent Garden, while in Mayfair, rent prices of around a hundred pounds per square foot are becoming more and more common, with the same also applying to St James.
“This market in the West End is being driven by a lack of choice of good quality space due to the lack of development since the beginning of the recession,” says Cushman & Wakefield’s head of their West End offices, Guy Taylor. “Take up is being driven by lease events rather than expansion and the TMT and financial sectors are pushing the market forward.”
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