Central London office lettings slump, research shows

Office lettings in central London have slumped by nearly a quarter between the first and second quarters of the year, research by Atisreal reveals.

Its study shows a 22 per cent drop between the first two quarters of 2008 and a 49 per cent drop from quarter two in 2007.

The vacancy rate in the City of London rose from 6.2 to 6.7 per cent, it adds, equating to 4.74 million square feet of office space remaining available.

Figures from the West End were better though, with a 14 per cent increase in lettings from quarter one.

Prime rents in the area stand at £120 per sq ft, the report shows, attributed to the lack of space available.

Atisreal provides integrated commercial real estate services through 2,600 specialists across Europe, America and Asia.

It manages a worldwide portfolio of £3.1 billion of assets.

Martin Slowe Property Services are Commercial Property Consultants offering a full range of Commercial Property Services.