Office take up in central London jumps
31 Jan 2020
Fresh evidence that the London office space market is thriving has been brought to light, with new figures showing that office take up in capital's centre has jumped in the fourth quarter.
Dispelling pessimism about the future of London post-Brexit, the latest research by real estate services firm CBRE shows that take up increased four per cent to 3.6m sq ft in the three months to the end of December, above the 10-year quarterly average of 3.3m sq ft.
Businesses in the banking and finance sector accounted for 23 per cent of central London office take up, and creative industries, including technology, media and telecommunication firms, made up 21 per cent of the total.
CBRE UK research director Simon Brown said: “The diverse nature of Central London office occupancy provides an exceptional degree of resilience and this supported healthy levels of take-up, both for the final quarter of 2019 and across the year as a whole.
“Looking ahead, we expect the occupier markets to remain strong in 2020, with under offers above trend and a high level of demand.
“Against a backdrop of low and tightening supply, we expect further rental growth.”
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