London commercial property agents, Pearl & Coutts give their comments following figures showing that London Office Space remains in high demand as compared to other areas of the UK.
(1888PressRelease) August 11, 2011 - Businesses looking for commercial property in London are facing an acute shortage of available stock in central areas. Take up remains high and rents are predicted by some to rise, whilst many firms are attempting to rein in costs. Demand for office space in London is still outstripping supply, as the sector continues to dramatically outperform the rest of the country.
Many other areas of the country are currently subject to static predictions for capital values and rents. Despite various green shoots within the economy, demand remains lower than central London. Yet within London, there is literally not enough available accommodation to meet the demand. Occupancy rates for office space in London are a case in point, leading over industrial and retail sectors.
West End occupancy currently stands at an estimated 94%; the occupancy rate has risen at the fastest pace since the latter part of 2005. Meanwhile, central London availability is now at its lowest point for 30 months. The shortage of space is being attributed to a slowdown in development over recent years. London has certainly not lost its appeal for domestic and international firms. The Royal Institute of Chartered Surveyors (RICS) are predicting the strong demand is likely to lead to rent increases.
London's financial sector continues to dominate, despite predictions earlier in the global downturn that jobs would be dramatically shed. Mirroring the capitals property sector, financial recruitment continued into this year in typically robust fashion. Research from Price Waterhouse Cooper ranked London this year ahead of New York for its ability to influence global markets and growth. However, office space in central London recently declined by one tenth, accompanied by a 7% rise in occupancy rates.
"Many businesses are inevitably trying to keep their overheads as low as possible right now, and a great number are opting for premises in alternative parts of London. It's possible to source commercial property with great transport links, within a smart building, and with suitable on-site facilities without the costs associated with central areas. There is competition for space, but we have a wide selection of available properties. Without a reliance on the next phase of the building cycle, there's no shortage of accommodation for our clients, whatever their needs" said a spokesman from Pearl and Coutts.
Pearl and Coutts act as a one-stop letting agents for industrial units, shops, storage premises, parking and office space in London. To discuss your requirements for your new business premises, call their multi-lingual Commercial Property Team on 020 7843 3753; properties can also be viewed online at: http://www.pearl-coutts.co.uk/
London commercial property agents, Pearl & Coutts give their comments following figures showing that London Office Space remains in high demand as compared to other areas of the UK. 
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