Land Securities expects office space demand from large firms

Commercial property firm Land Securities believes occupational demand from large corporate tenants will remain steady this year.

Article posted: 19 Jan 2011

Land Securities is anticipating "steady" demand for office space in London to underpin its development strategy over the next three months.

In a third quarter trading update issued today (January 19th), the UK's largest commercial property firm said it has seen "good momentum" on lettings, despite the challenging economic climate.

The company revealed the office units at One New Change, its new commercial and retail development in the heart of the City, are now 71 per cent occupied.

Meanwhile, construction work on the new "Walkie Talkie" building at 20 Fenchurch Street officially began this week.

"The first quarter of 2011 is likely to see mixed news flow around the consumer and the economy, but we expect occupational demand from large corporates to remain steady," said chief executive Francis Salway.

Land Securities has several other new buildings in its development pipeline, including 123 Victoria Street and 110 Cannon Street.

Friends Provident is set to take up new office space in the City of London by moving its headquarters from Wood Street to One New Change.

Posted by Sophie