The falling availability of premium commercial property for rent in London is likely to result in a variety of lower-specification sites being upgraded reports UK Business Property
This is according to Jones Lang LaSalle, which has predicted improvement work will be done on Grade B office space in order to fill the supply gap of Grade A sites.
James Morris, head of the project and development services team at the business property specialist - which has offices in 60 countries worldwide - said such a move is a "logical" one, given the current state of the office space market in the capital.
He explained the global economic downturn resulted in "the brakes being firmly applied to speculative development".
"As a result, there is now an imminent supply gap of Grade A office product in London," he continued, adding upgrading existing Grade B stock will help satisfy demand until new projects are completed.
Failing to take such action could result in a severe shortage developing by 2012, he warned.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment