The amount of empty office space in central London is at its lowest for seven years — good news for West End landlord and developer Great Portland Estates today.
Just 5.4% of space in central London is available for rent, and in the West End the office squeeze is even tighter with just 1.3% available, according to chief executive Toby Courtauld, who believes it will take “several years for any meaningful amount of new space to be delivered”.
“The office population in London is circa 60% higher than it was 20 years ago but office stock has hardly grown.
"So you have got some very strong supporting stories that will give our market some helpful legs in the next few years.”
The value of GPE’s estate has jumped 8.9% to £2.98 billion since March, driven by higher rents and the rising value of developments such as Rathbone Square north of Oxford Street.
The firm has sold 129 of the 142 flats in the scheme.
