More office space becoming available in the capital

London is reporting increasing levels of Grade A office space being created, a new report has revealed.

According to the document, the capital is currently enjoying the highest completion levels for development since 2003.

And experts have suggested that on the current trajectory, typical activity could rise to levels not seen since the 1990s within the next few years.

The report suggests that around 13.9 million sq ft of office space is currently being constructed in London.

Far and away the busiest area is the City of London, where 8.2 million sq ft is currently being created – a greater amount than all the other districts of the capital combined.

That said Midtown has a not unimpressive 1.8million sq ft, with the West End and Docklands counting on 1.2 million and 1 million respectively.

The sheer number of projects being worked on is also significant. Indeed 2017 is on track to see the highest number completed for 13 years.

Financial service firms continue to be the single biggest consumers for pre-completion letting space, ahead of corporates, professional services firms and insurance businesses.

Rufus Ballaster, head of Carter Lemon Camerons’ commercial property team, said: “The City of London is a great place to work and offers a range of newly built top quality space and second or third refurbished space at lower cost levels.

“Each time a wash of new space is taken up, that tends to put a smaller but significant amount of useful attractive cheaper space on the market which encourages a diverse range of occupiers in this vibrant city.”

Carter Lemon Camerons has in-depth knowledge of property law.  Whatever the size of the deal we advise on every stage of your transaction to meet your goals. For more information, please contact Chris Picardo or Rufus Ballaster.