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Recent statistics by the property agent DTZ have shown that take-up of office space in London has been increasing 17% each year, with corresponding availability in ever shorter supply.
Availability of London office space is a significant 21% lower than the same time last year, and even 2% less than last month, July. Looking at a ten-year average, availability is down 31%.
However, the report shows that there are areas of the capital that have not seen an increase in take-up, which include the north and west fringe.
Among the areas that are seeing increasing popularity is the Docklands, which in fact has the largest increase in take-up. The area has succeeded in having 790,000 square feet let up until July this year, compared with 140,000 square feet in 2013. This shows the readiness of tenants and businesses to consider this area as a real option when looking for office space and reflects the investment into the district.
In West End and the newly established Midtown, take-up levels are also on the up, a continuing trend. The former has seen 1.5 million square feet taken this year and the latter 840,000 square feet.
The figures highlight the large-scale transactions as well. The city saw seven transactions of more than 50,000 square feet in July alone, spread throughout the City, Midtown, Victoria and Canary Wharf.
The report, and particularly the steady pattern revealed by it, reflects the continuing confidence both in London business and the London property 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.