Central London’s office vacancy rate has hit a 14-year low and is expected to achieve historic lows in the next two years, according to the new Knight Frank Central London Quarterly Report.
The West End has posted the lowest vacancy rate since 1989, 3.4%. The rate is less than it was at the height of the dotcom boom in 2000.
Available central London office space totals 10.3m sq ft, down by 29% since last year. This equates to a vacancy rate of 4.4%, down from 6.2% a year ago. The City vacancy rate is 5.1%, down from 7.3% a year ago.
James Roberts, head of commercial research at Knight Frank, said: “The supply situation in central London is now very tight – at a 14-year low for the capital as a whole, and at its lowest since 1989 for the West End.”
