West End Grade A office space availability falls by 20%

Colliers report shows significant fall in Central London office space take up in Q1

Article posted: 02 May 2011

Colliers International’s Central London Offices Report for Q1 2011 has shown that the availability of Grade A office space in the West End fell by 20% quarter on quarter with a further 335,000 sq ft under offer.

Take-up saw a significant fall across the whole of the Central London office space market in Q1 2011. The main instigators of the fall in transaction levels were the City and Docklands submarkets, where quarter on quarter take-up fell by 47%. In contrast, the West End and Southbank markets experienced their highest quarterly take-up for over three years. 

 
Guy Grantham, Director of Research and Forecasting at Colliers International commented: “The squeeze on Grade A supply is becoming more pronounced across Central London. However, total Grade A transactions for built space fell by 25% quarter on quarter, underlining the reduction in ready-to-occupy top quality office product.”

Central London total availability fell by a further 4% in Q1 2011. New and refurbished space rose slightly off the back of major completions at Heron Tower (pictured) and 200 Aldersgate Street providing new office space in the City of London. In contrast, West End availability of new and refurbished accommodation has now fallen by 30% in the past nine months and there has been a 36% fall over the same period in the availability of office space in the Southbank market.

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Posted by Stephen