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14/07/2009
Legal demand may rise as central London office recovery tipped |
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The office market in places like Westminster and the City is seeing a recovery in demand, it has been claimed.
Head of central London research at property firm Knight Frank James Roberts said the worst period in the market appears to have been in the last quarter of 2008 and the first three months of 2009.
He added: "We do seem to have moved a little bit off the bottom in terms of take-up. Availability is still rising."
Such a situation could mean a greater demand for the services of Westminster lawyers to help carry through transactions in the borough.
Commenting that "rents are pretty cheap at the moment", Mr Roberts said rep that the bulk of activity involves smaller firms looking to move to better offices.
Recent figures have indicated that the heart of the capital has seen a significant rise in office rents in recent months.
Data from NB Real Estate showed that the take-up of office space rose 98 per cent in the second quarter of this year.
Written by Laurence Smith
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