London office space availability hits record high

23-07-2008

The Royal Institute of Chartered Surveyors has found that the availability of office interiors in London has reached an all-time high since records began, it has been reported.

Choregus.co.uk claims that the fall in demand in the area means it is becoming more difficult for developers to secure funding for new projects within the capital as the returns received on such properties are diminishing.

However, this is could be good news for business as the glut of contemporary office designs within London means rental costs are falling due to reduced demand.

Also, many letting agents will undoubtedly be offering incentives and be running regular promotions in order to fill this gap in the market, which could be more good news for companies looking to rent office design.

In other news, the Spanish real estate holding company Allegra is to undertake an office refurbishment at its site of Five King William Street, London.

The firm spent £44.5 million purchasing the building and heralds the return of the firm into the UK office sector, according to iirealestate.com.

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