Challenging year ahead for London office property market | Europe | News
The next 12 months will be challenging for the office property market in London but not without opportunity, according to analysts at Jones Lang La Salle.
The leasing markets across Central London are likely to be flat in 2012 but they expect rental growth to return across central London during 2013.
Neil Prime, head of office at Jones Lang LaSalle said that the supply gap in 2013 to 2016 is being exacerbated by the current economic environment. ‘This will provide opportunity for those who can speculatively develop or refurbish existing stock as when the occupational market returns choice will be limited and competition will increase driving rental returns,’ he explained.
His team also point out that London’s office market is not immune to short term volatility but will outperform both European and global competitor markets over the next five years.
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