X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-The City, West End, Midtown and Docklands office markets in London remain subdued, but according to Jones Lang LaSalle’s Q1 2004 Central London Office Market report, there are signs of an upturn. The agent reports a marked increase in viewings and also a willingness on behalf of occupiers to pursue detailed negotiations. First quarter take-up totalled 1.9 million sf a slight reduction from the previous quarter. However, floor space under offer at the quarter-end totalled 2.7 million sf, the majority of which was in the city where some major potential deals by Willis Group, Lloyds TSB and IPC Media have been announced in recent weeks. In addition the agent has identified a number of new active enquiries, and as a result active demand is now up 56% since March 2003. The vacancy rate remained almost unchanged in the city, but fell in the West End and Docklands as a result of both take-up and the withdrawal of occupier space from the market. The overall Central London vacancy rate fell from 11.3% to 10.6%. Although the rate of rental decline is slowing, but it remains a tenant’s market and landlords will still need to be competitive to secure deals. Rental growth is not anticipated until 2005/6.

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?

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.