The UK’s second largest property company, British Land, has noted that it has seen an increased demand for office space in London, as more retailers are seeking to open up new stores in the capital.
According to theguardian.com, chief executive of British Land, Chris Grigg, said the business had a positive third quarter last year, thanks to a strengthening commercial property market.
“Overall, the UK property market had a strong quarter with London strengthening further and domestic and international investment spreading out into the regional markets,” he commented. “From an occupational perspective, we saw increased interest in our office space in London, notably in the city,” reports lse.co.uk.
He added that the economic recovery is having a big impact on the retail sector in particular, as confidence has improved, meaning the firm was able to benefit from retailers looking to set up shop in high quality locations.
In a statement, the company also announced that in its fourth quarter it signed 386,000 sq ft of retail lettings and renewals, which helped drive UK retail occupancy up by 40 base points to 98.4 per cent.
British Land also signed 139,000 sq ft of office lettings and renewals, which rose 6.8 per cent ahead of their predicted rental value.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.