City office demand 'set to grow'

Office design news from Morgan Lovell

Published on 21-06-2010

Demand for office space in the City of London is set to grow considerably in the months ahead, it has been claimed.

According to the Financial Times, developers plan to restart many faltered office construction projects in the City as the economy looks to be getting back on an even keel.

Indeed, this is to pre-empt the 20 million sq ft of office leases that will expire in the area by 2015 and the fact that much of the office space that is currently available is not fit for purpose.

Rob Noel, head of Land Securities' London business, said: "The growth is not predicated on the numbers of bums on seats going up. The buildings from the 1980s boom are not fit for purpose and there are a lot of expiries, while there is not much difference in price in moving."

Elsewhere, Jones Lang LaSalle recently published a report highlighting the need for office refurbishments for grade B space in London in order to meet growing demand for this type of accommodation for firms.

Posted by Adrian Norman.