British Land: Demand for office accommodation still strong - commercial mortgages

12 September 2007

British Land has given hope to those with commercial mortgages concerned over the current status of the market by saying that it has seen no downturn in demand for its prime office lets.

The firm has said that it has let over 240,000 square feet of office space in London since the middle of August alone, with a number of larger agreements also in the works.

These include the Broadgate Tower in the City, a development which is due to be completed next summer, and a separate letting at 155 Bishopsgate.

"These new lettings show that, despite the current financial market uncertainties, there is continued demand for British Land''s well-located high quality office accommodation," commented British Land director and head of offices Tim Roberts.

The Times has said that British Land''s announcement regarding the agreements show that its speculative £291 million investment has paid off. The firm has also announced that it has sold a site in Solihull in order to concentrate on the London office market.