Office Space Take-Up Stays Flat

The rate of office space take-up in the city remains at its lowest level for two years since 2009 as of the most recent quarter of 2011, according to a new report from real estate adviser Equipe. The research states that no companies have moved to bigger offices with more than another 50,000 square feet in the last six months of this year, while the rate of office space take-up was just 834,000 square feet, which is actually a little bit down on the rate of take-ups in the previous quarter. Deals have also fallen by around three per cent between quarters.

That being said, Equipe’s research also suggests that that the uptake of office space in east Central London has undergone something of a spike thanks to media and technology companies. An increase of no less than 125 per cent has also been recorded in Farringdon between the months of April to June, while the EC1 area also recorded a jump of as much as 30 per cent in the rate of take-ups.

A spokesman claims that the increases in those areas is due to primarily to the relatively low rental prices as well as an increase in the amount of new businesses that have begun operating there in order to take advantage of the rather small spaces which are available there.

Equipe says that the market in London continues to be resilient, despite some caution on the part of occupiers.

SOURCE: cityam.com

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