London office space demand boosts Great Portland Estates

Property developer Great Portland Estates has been buoyed by solid demand for office space in London

Article posted: 27 Jan 2011

Great Portland Estates saw the value of its properties grow by £23.9 million to reach £1.55 billion by the end of 2010.

In its third quarter trading update, the property developer said it benefited from steady demand for office space in London and increased leasing activity during the three-month period.

The value of its office space in the West End went up by 4.1 per cent, although the growth of its portfolio in the City and Southwark was more modest at 0.4 per cent.

Across the firm's properties, office rental values posted a rise of 3.3 per cent over the quarter.

"With the supply of available space to let falling and rents now rising, we expect these supportive conditions to persist throughout 2011," commented Toby Courtauld, chief executive of Great Portland Estates.

The company's portfolio stretches to 3.2 million sq ft, with 79 per cent of its properties situated in the West End.

Available office locations include 66 New Bond Street, 170 Piccadilly and Kingsland House on Regent Street.

Posted by Sophie