UK City Offices Bulletin Q3 2009
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2009 has proven to be very much a game of two halves for the City office
market. As the economy entered recession in January and the financial
and business services sectors continued to make redundancies, any light
at the end of the tunnel for this financial power house seemed a very long
way away. By the end of the year however the market seems as busy as
ever. The downturn which started in the financial sector caused an extreme
change in fortune for the City of London office market, as occupiers
switched off property requirements and made redundancies. |
Consequently the supply of available space increased rapidly from 325,500m² (3.5 million ft²) to 882,500m² (9.5million ft²) or the equivalent of 19 vacant Gherkins (30 StMary Axe, EC3) as developers were left with the burden of empty space and negative rental growth, with rents falling from £699m² (£65.00ft²) to the low £457.50m² (£40.00’s ft²).
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