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In 2013, there will be a surge of speculative development in Central London – this being a type of development that is conducted under the expectation that the building will become occupied upon completion, but without any formal commitment from an end-user. As mentioned in our previous article, “Demand for offices in Central London to increase in the coming years”, we have seen a huge growth in the demand for offices and the transaction of office space in the last year, and we can also expect this trend to continue in the foreseeable future. With demand being so high in 2012, we will see property investment on the rise in 2013 to meet this demand for Grade A offices in Central London, of which there has been a shortage over the past few years.
At present there is 4.3 million square feet of office space in Central London which will become available in 2013; 1.8 million square feet in 2014; and a further 188,000 square feet in 2015. However, supply ends there, and hence developers and investors are now preparing for a possible slump in terms of supply which may appear after 2015. With the rapid rise of the TMT, M&E and insurance sectors, investors are most probably correct in expecting there to be an increased demand for office space for the rest of this decade.
This speculative development is already evident in the City, with construction starting at 20 Fenchurch Street, widely known as the Walkie Talkie, which is being developed by Land Securities.
Morgan Pryce is 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.