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The first 3 months of 2015 has seen a record amount of space being developed in the square mile, a seven year high for a quarter and more in the first quarter than in 2013 and 2014. After a lull dating back to 2008, City development is on the up. Large scale developments such as the Scalpel and London Wall Place account for 1.4m sq. ft. of new space, whilst groundworks have begun at 100 Bishopsgate. These have boosted development numbers significantly; however there is still a vast lack of available space in the current market. Availability in the City is currently at 7% and whilst this is better than other London markets, it is still at its lowest since 2008.
Teresa Beatty, Surveyor at tenant acquisition specialist Morgan Pryce, believes the lack of availability in the City shows the tightening of all London markets,
“We have seen West End, Midtown and especially SE1 markets tighten over the last few months, all resulting in rental levels increasing. However, City availability is also floating around the 7% mark – extremely low for an area that has always had a high turnover of available space. This has also impacted on rental levels, with highs reached in landmark buildings. The proposed new developments will help to ease availability issues; however they are not expected to be until a few years’ time. It will be interesting to see how the market reacts over the coming months.”
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.