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Rics: Lack of supply means London office rents will rise

ServicedofficeBENews800622257

Businesses operating in London serviced offices and other buildings have been told to be wary of rising rent charges due to a lack of supply.

The Royal Institution of Chartered Surveyors (Rics) said that Central London in particular was suffering from a shortage of space.

Simon Rubinsohn, chief economist at the Rics, said that despite some “very high-profile” developments in central London, demand for quality office space still outnumbers the volume of properties coming to market.

Mr Rubinsohn said: “What we are finding from our members is that demand is outstripping supply.

“Even in this relatively subdued economic climate, it is not coming on tap at a fast enough rate to keep pace with demand, which is a legacy of the sharp curtailment in development in the wake of the credit crunch.”

Recent research from Colliers International showed that net stock absorption of office space across central London reached 1.8 million square feet in the first half of 2011, resulting in a rise in occupancy across all core locations.

Central London availability fell to a 30-month low driven by a fall in central London Grade A availability of 17 per cent in the past 12 months.