X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-The City of London has witnessed an increase in letting activity after the partial paralysis seen in the final quarter of 2001. According to King Sturge total take-up for the first quarter of 2002 amounted to 586,400 sf, up 46% on the previous quarter.

Rupert Perkins, City office agency partner at King Sturge said: ‘Corporate confidence was shaken to its core last year, and the slow start to 2002 reflects this. We can now see confidence returning to certain sectors and we can look forward to a more active market.’

King Sturge calculates that availability currently stands at 4.65 million sf or 7.2% of total stock, up from just 2.8% a year previously. But 63% of available space is now second-hand, reflecting an increase in occupiers’ disposals as tenants attempt to reduce liabilities by off-loading excess space.

And in the West End, there is a growing trend towards freehold sales to owner-occupiers. In ten separate deals during the first quarter, 117,700 sf of space was sold for occupation, representing 19% of total take-up. Angus McIntosh, Partner and Head of Research at King Sturge said: ‘The low cost of bank finance is resulting in occupiers reassessing their occupational tenure.’

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.