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London office rental market 'exceptional' in 2009

London office rental market 'exceptional' in 2009
Date: 1/25/2010

Commercial mortgage owners who rent property in central London may be interested in claims that 2009 was an "exceptional" year for the industry.

Head of central London investment team at Cushman & Wakefield Clive Bull said that rents are no longer falling in the office market, which could lead to improvements.

But there are few buildings for commercial use that are in construction, leading to a lack of choice, Mr Bull commented.

"If you have got a genuine space requirement and you want to move, then there is a finite amount of space you can take," he noted.

This is due to a lack of developments over the pat two years, with the ones that are available coming from projects that were already half way through construction before 2008.

Mr Bull's comments follow reports from Jones Lang LaSalle, which said that there was a remarkable turnaround in the central London office market last year.

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