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Leasing levels on office space to rent in London have increased notably over the past 12 months, according to the latest data.
Figures from CB Richard Ellis (CBRE) show that office space take-up rates for August of this year are higher than those for the same month in 2009 in all areas of Central London, the City and the Docklands.
Leasing activity over the past few months has weakened in the City and Central London but analysts at CBRE maintain that their data show positive trends for office space for rent in the capital, with demand and rental rates on the increase in general terms.
Digby Flower, head of CBRE’s Central London agency, said: “The story emerging from the Central London market over August was that take-up for the year to date now exceeds the level for the whole of 2009.
“This demonstrates the remarkable turnaround in the market during 2010.”
The two largest London office space leasing transactions that took place last month in Central London saw Bovis Lend Lease take up almost 80,000 sq ft in Euston and ICBC Limited agree a deal on 35,000 sq ft along King William Street in the City.
CBRE is among the world’s foremost commercial property advisory businesses and the company’s experts recently noted that office space to rent in Manchester is the most popular of its kind in the UK outside of London.