The level of construction of new office buildings in central London is at its highest level for three years, a new report has found.

Research from property consultancy GVA Grimley for the second quarter of 2006 found that there were 843,400 square metres of offices under construction in the area, a 6% increase in the first three months of this year. The majority of the construction activity was in the City (64%) while the West End and Docklands accounted for 31% and 5% respectively.

The report found that across the area demand for offices was 鈥渞obust鈥� with some sizeable City and Docklands buildings placed under offer for sale in the quarter. The vacancy rate for central London decreased from 7.9% of total stock to 7.8% this quarter, the sixth consecutive decrease and the lowest rate for nearly five years.

Downloads

Source

QS News