Demand for office space in London soared in the past year – thanks to growing interest from the financial services sector.
Despite the drastic downturn in the British economy and concerns that the UK could be in for a double-dip recession, businesses – both small and large – are setting their sights on a successful future.
And, increasing the amount of office space they have access to seems to be a top priority. According to new research from Knight Frank, demand for London office space leapt from 4.5 million sq ft in 2007 to 6.4 million sq ft in 2010 – and that covers a period in which the UK experienced the worst economic turmoil since the 1930s.
It’s not just the financial services sector that is driving demand, however, but it is taking the lead.
Speaking to the Financial Times, Knight Frank’s James Roberts said: “While other sectors are seeing tentative signs of recovery, financial firms are the driving force by a large margin.”
The only downside to the situation is that increased demand has put pressure on supply – highlighting the importance of finding the right partner when looking for well-located, modern-business amenable serviced offices.