London office stock rises to 1997 levels

Availability of central London office space last quarter rose by 3.1 million sq ft, (up 27%) according to market data compiled by Provision. This followed a similar increase throughout the year. Although offive availability has almost doubled in the last 9 months it has only brought levels up to that of early 1997. Paul Stewart of Provisions comments “The office market is clearly sitting closer to equilibrium than last year when vacancy rates were at record lows. Therefore, with the recent supply shifts now placed in proper perspective, we see little reason for major concern”.