Office space in London 'on the decline'

Office design news from Morgan Lovell

Published on 25-03-2011

There is a growing decline in the amount of available office space in London, a report has revealed.

Cluttons has released research that shows there is a shortage of good quality office accommodation in the capital's West End, which could be good news for office interior specialists.

The property group revealed that in the first quarter of 2011, the vacancy rate dropped to 5.4 per cent from 5.9 per cent.

In Soho, this figure dropped to three per cent, with the number of available properties being high in demand.

John Wood, head of Cluttons' commercial division, stated: "The vacancy rate across the West End sits well below the long run average."

He added that this is likely to make things "more challenging" for occupiers as it could mean that prices for office space increase in the future.

Earlier this month, Cluttons revealed that stock levels of property for sale in London are 60 per cent lower than they were during the same period in 2010, emphasising the reduction in vacant real estate in the city.

Office design London specialists could see their workload increase as a result of this growing demand for space in the capital.

Posted by Adrian Norman