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The City of London’s office space market has displayed some encouraging signs in recent months as the UK’s primary finance and insurance industry hub withstood significant economic headwinds emanating from the euro zone. At least that’s according to experts from the local offices of the advisory group BNP Paribas Real Estate.
The latest numbers from the company indicate that there was 41 percent more office space rental activity within the City of London during the second three-month period of 2012 as compared with the same period a year earlier.
“In the context of the current euro zone financial crisis, the City figures were encouraging, with take up spread across a broad range of occupier types,” said Dan Bayley, BNP Paribas Real Estate’s managing director in London.
Looking more generally at the market for offices available in central London, the advisory firm’s experts described rents as having held firm during the three-month period being analysed. Rental values right across the city reportedly remained little changed in the quarter, despite the ongoing struggles of the British and European economies.
Expectations are that renting activity will slow at least to some extent over the rest of the summer throughout London, in part as a consequence of the city hosting the Olympic Games. However, BNP Paribas’ London experts noted that there are a number significant office space deals in the pipeline across the city that could yet close in the third quarter of the year.
An increasingly important area of London for office space activity is the district just north of the City referred to as the ‘Silicon Roundabout’ near Old Street. A growing number of start-ups tech businesses are being supported there during the early stages of their development by major international companies like Google and Facebook.
