City office demand rises

Office design news from Morgan Lovell

Published on 25-01-2011

Demand for office interior space in the City of London has increased dramatically in the last year, a new report has shown.

Figures compiled by Knight Frank revealed that office uptake for 2010 surpassed levels seen during the boom period for the capital, prior to the economic downturn.

Overall, 6.4 million sq ft of office interiors were taken on during the last 12 months - compared with 5.3 million in 2006 and 4.5 million in 2007.

"While other sectors are seeing tentative signs of recovery, financial firms are the driving force by a large margin," head of commercial research at the firm James Roberts said. "These figures show just how critical the financial sector is to the economy of London."

Meanwhile, financial services provider Friends Provident recently announced it has taken on 48,000 sq ft office space at One New Change in the City of London.

Executive director of operations at Friends Provident David Hynam said that the move will provide the company with the opportunity to bring the recently expanded business together under one roof, while still remaining at the heart of the Square Mile.

Posted by Adrian Norman