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According to research conducted by a major UK real estate company, development in central London has reached an 8-year high, with 14.8 million sq ft of space currently being built. However, as the market is on its way down from the dizzy heights of summer 2015 we are seeing mainly refurbishments rather than new builds. New construction is down 42% since summer 2016, when 51 new schemes were started in comparison to just 40 this winter.
The City saw the highest levels of development, with 1.1 million sq ft of new space introduced over 14 projects. Prime rents are falling and incentives are moving out, but with 41% of the space currently under construction already pre-let it’s clear that the market still has some resilience and is undersupplied.
Over the next few years, as supply improves and a number of economic concerns cause demand to weaken, London will start to become an occupiers market.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.