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Media sector ‘drives London office demand in Q2’

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Demand for office space increased across a number of areas of London during the second quarter of the year, it has been reported.

In a new report, Colliers International claimed that quarterly uptake increased by 14 per cent, with an active media sector helping to drive the market.

Premises in non-core locations such as Clerkenwell, Farringdon and the Eastern City were all in demand as media companies increased their floor space, the firm said.

And demand for London office space also rose in the Southbank district, which enjoyed its best quarterly performance since the start of the credit crunch.

However, a number of large premises became available to let between April and June 2012, dragging down overall occupation levels.

Guy Grantham, director of research and forecasting at Colliers International, said market churn and the release of ‘grey space’ is causing availability to experience short term uplift in the City.

“The release of 363,000 square feet of space at 125 London Wall and 140,000 square feet at Finsbury Dials, the former JPMC occupied units, has contributed half a million square feet to new vacancy,” he noted.

Mr Grantham said net stock absorption in the Northern City submarket rose to 484,000 square feet in the first six months of 2012 in comparison to total take-up of 532,000 square feet.

“This points to a lack of churn in the submarket as existing occupiers expand and new entrants absorb space,” he stated.

“Demand appears not to be driven by occupiers seeking Grade A product as occupation of Grade B space rose by 290,000 square feet in the first half of 2012.”