Real estate

Office builders aim high in central London

The latest London office crane survey by Deloitte Real Estate found that office-building in central London has risen by almost a quarter over the past six months, but that the capital is still experiencing a severe undersupply of office space. The survey found that 31 new properties were started between the beginning of October and the end of March, adding 4.4m sq ft to the development pipeline. The increase in new starts is the second-highest in 20 years. But more than a third of the space has already been let, raising concerns about availability. Property consultancy DTZ has forecast that prime office rents in the City will experience double-digit growth this year for the first time since 2010, reaching £68.50 per sq ft by the end of 2015. While City office take-up jumped 64% over the past year, availability is down 30% annually, according to research by DTZ.

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