London office space faces reduced supply
April 18th, 2008 | by James Jones |The office space market in central London will have a reduced supply because of the Credit Crunch say Jones Lang Lasalle. It slashed its forecast of possible new office space by 60% in 2011.
Just over 6m sq ft of serviced offices and ‘normal’ office space was predicted, which has now been reduced to just over 2m sq ft. Developers are being put off by economic worries and greater funding costs.
Office vacancy rates in the capital are set to peak at just under 9% in 2009 which is worryingly double the rate at the moment. However, the rate after the dot-com bubble in 2003 was much worse than this, so its not total doom and gloom.
Subscribe to Choregus