Office availability called into question

Office design news from Morgan Lovell

Published on 09-09-2010

Companies planning London office relocation projects may be affected by a lack of availability of space in certain areas across the capital.

New figures from agent EA Shaw found that there had been a drop in office availability during the second quarter of the year, Property Week reports.

The news provider notes that midtown availability has dropped for the third quarter in a row and that rent prices may be affected as a result.

Availability could be further affected in midtown by a shortage of new buildings or recently completed office refurbishment programmes providing modern space, the news provider suggests.

However, the drop in space availability is helping to push up office take-up, EA Shaw reportedly believes.

Soho and South Bank are also witnessing drops in availability, which may be affecting London office relocation plans.

Earlier this week, chief planner in the City of London Peter Rees told the Financial Times that the next decade could be characterised by a shift to complete office refurbishment programmes, rather than concentrate on the construction of new buildings.

Posted by Adrian Norman