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The first quarter of 2011 saw the availability of Grade A office space in the West End of London drop by 20 percent, new research has found.
Colliers International has released a report that states that the West End of the capital saw its highest quarterly take up rate for more than three years.
The research also found that average headline rents in the West End have climbed by five percent in the first quarter of this year.
On average, the Central London figure climbed to GBP 46.78 per square foot, which translates to an annual rise of 7.1 percent.
Guy Grantham, Director of Research and Forecasting at Colliers International said: “The squeeze on Grade A supply is becoming more pronounced across Central London. However, total Grade A transactions for built space fell by 25 percent quarter on quarter, underlining the reduction in ready-to-occupy top quality office product.
“Low vacancy in the West End is set to have a significant impact upon latent demand from occupiers who might relocate if opportunities existed. In the City market, demand is being dictated more by tenant inertia and global influences but large lettings could easily change the whole tone of a single quarter’s statistics.”
Availability of office space across Central London fell by four percent in the first quarter of 2011, the Colliers report also found.
Meanwhile the Lloyds TSB Million Pound Property Report has found that million pound property sales are increasing at their fastest rate since 2006.
The UK now has 185,000 real estate millionaires the report stated. And there were 7,185 million pound property sales in Britain last year, the research found, some 54 percent higher than in 2009.