London office space 'in demand from multinationals'

Office design news from Morgan Lovell

Published on 19-01-2010

Multinational businesses are fighting it out for office space in London due to a lack of new developments in the pipeline, it has been revealed.

Property Week reported businesses like Google, Royal Dutch Shell and Macquarie Bank are all battling to secure modern office design premises in the capital, although cash-strapped developers are continuing to pull the plug on many proposed schemes.

Furthermore, Debenhams, Aegis and Bloomberg are also on the lookout for new premises in the city, meaning office space is now at a premium.

An unnamed London agent told the publication: "There is a feeling among tenants that if they don't sign soon they will miss out ... There is a positive sentiment among landlords."

Elsewhere, a recent report by Cushman & Wakefield revealed office relocation projects by large-scale businesses made up 41 per cent of the London's annual office interior take-up in the last quarter of 2009.

It noted that 2.6 million sq ft of office space was secured during the last three months of the year.

Posted by Ian Johnson.