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Demand for office space in the City of London has faltered according to recently released research.
Take up of office space in the City is now at its lowest level since 2009, market research firm Equipe told City AM.
The last six months has seen no moves to offices larger than 50,000 square feet according to the new research. Take up in the last quarter was 834,000 square feet, which is down on the preceeding quarter.
Many fear that the UK’s faltering economic recovery is to blame for the slowing of office uptake in the City.
However other parts of the capital have done much better, bolstered by take up of office space by technology firms.
In particular east central London has seen take up of office space in Farringdon rise by 125 percent. According to the research low rental prices in the area have made its popularity rise.
Overall take up of office space in central London has risen by six percent. The West End saw take up increase 22 percent in the last quarter mostly thanks to Google’s move to Central St Giles and Double Negative’s take up of space at 160 Portland Place.
Meanwhile the UK economy overall is still suffering. Data released on Wednesday showed that the labour market is much weaker than thought.
In the three months up to June the unemployment level rose up to 7.9 percent, from 7.7 percent in the preceding three months.
July saw a further 37,000 people sign up for jobless benefits, an increase of more than 5,000 from the June figure.
Additionally retail figures in July came in much weaker than expected, leading to some speculating that the lack of consumer spending could hurt the economy’s already limping recovery.