London office market upturn noted - commercial mortgages

07 July 2009

Central London office take-up has improved during the last quarter and has been described as "fairly substantial in the city".

That is the view of James Roberts, who is head of research in the region for Knight Frank.

Mr Roberts said things have picked up from the end of 2008 and the start of this year.

"It is low compared to historic averages, but it definitely does look as if the worst period was quarter four of last year and quarter one of this year - we do seem to have moved a little bit off the bottom in terms of take-up," he explained.

Industries showing an interest in commercial property - and therefore potentially commercial mortgages - include the legal, insurance and IT sectors, as well as other firms based around the fringe of the city, the expert added.

His comments come after NB Real Estate reported this month that the amount of let office space in central London almost doubled in the second three-month period of 2009.

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