Vacant office space to reach new high
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Categories: London Office Space News
01 July 2008
The amount of available office space to rent in London is set to increase to the highest level in four years, according to an expert.
Atisreal, a property consultant, said the rate of vacant offices in the capital will reach 14 per cent next year, coming close to the 17 per cent rate in 2004, efinanacialnews.com reports.
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James Oliver, City agency director at DTZ, estimated a slightly lower peak of 11 per cent, with Colin Hargreaves from Jones Lang LaSalle saying it will reach eight or nine per cent.
The predictions from Atisreal exceed agents' views, but are based on a survey of banking occupiers' expectations for the market.
Atisreal has also predicted the rate at which property will develop, saying over seven million sq ft of space will be formed in the next two years.
The recent DTZ Money in Property report predicted central London rents will decrease by 25 per cent across this year and next, reports the Financial Times.
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