Tightening of supply continues to drive up rents in the Central London office market
Office rents rose rapidly during the second quarter as availability of good quality space in the market declined. Availability across Central London stands at 11m sq ft, its lowest level since 2001. Prime rents have increased by an average of 23.1% over the course of the last year, with the largest increases seen in the West End. Take-up in Central London reached 4.4m sq ft, a significant increase on the subdued first quarter. With the volume of outstanding requirements still high prospects for the remainder of the year are positive.