Jones Lang Wootton reports the London and South East office market having experienced positive net demand for the first time since early 1991.
In the six months since January, net demand (gross demand minus vacations) showed a positive balance of 5,000 sq m (53,821 sq ft), according to the firm’s bi-annual property confidence review for the region.
Take up was largely driven by the media sector in the West End and by banking and professional services in the city.
However, JLW says the market outlook over the next two years remains “highly uncertain.” The media sector is expected to continue to underpin a positive net demand balance of 6,000 sq m (64,585 sq ft) in the West End over the next two years. But survey respondents anticipate a negative net take up due to UK banks, energy and business services shedding space.
In the region as a whole, a negative net demand of 408,000 sq m (4.49m sq ft) is anticipated over the next two years.
EGi News 03/09/96
