After most of last year take up being quieter than usual in the West End office market we can report an upsurge in activity over the last few months.
We have been inundated with new enquiries from both UK occupiers and companies coming here from across Europe.
The Private Equity sector has been particularly busy with a number of our clients seeking new office space for expansion.
Of course the market was not helped last year by a number of landlords seeking historically high rents for their new developments which were not sustainable in any market let alone one in which the EU vote played a pivotal role. They have since reduced their expectations which in turn has seen the increased take up in space with a number of new developments having been pre-let.
For the time being rental levels have settled but with so few developments in the pipeline over the coming 18 months, if the demand continues, then it will not be long before we once again see rents rising and rent free periods reducing.