Rise in demand for office space

Office design news from Morgan Lovell

Published on 16-02-2012

The number of office refurbishments will be increasing in the City of London after a growing number of companies chose to set up business in the capital at the end of 2011.

The City has seen 4m sq ft of office space taken up over the past year, compared to 3.5m sq ft in 2010, according to a study by property consultants EA Shaw.

Some of the most popular areas to buy property for businesses were Soho, Covent Garden, Bloomsbury, Holborn and the South Bank.

Covent Garden had the biggest increase in popularity with around 55% more business purchasing property, which equalled 1.241m sq ft.

Technology companies bought up the most space in the City when compared to 2010 as the sector experienced a booming market and expanded to 1.3m sq ft in the last year.

The increased demand for central London locations was at the highest rate since the start of the economic downturn.

Copyright Press Association 2012