At the same time demand is declining, with 15.8 million sf ofrequirements logged by CBHP. The slump in capital market activityhas hit demand in the City of London particularly hard, with a 16%fall in requirements over the second quarter of 2002.
Reflecting this negative backdrop, rental values fell for thethird consecutive quarter, driven largely by an increase inunwanted tenant space on the market. And CBHP warned that a furthershake-out in financial services employment is likely, which willput City and Docklands rents under further pressure. But the WestEnd, with its broader employment base, is likely to be the firstLondon market to recover.
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