Office enquiries falter in Q2, says JLL
The level of demand for office space in the UK has weakened following a promising start to the year, says JLL.
In its UK Office Occupier Enquiries Analysis for Q2 2010 JLL’s UK network reports that the number of enquiries for significant properties (over 20,000 sq ft in the City, West End and South East, and over 10,000 sq ft elsewhere) dropped 12% from the previous quarter, while the amount of floor space required by occupiers fell 14%.
“In the past, movement in enquiries has usually been reflected in take-up a few months later” according to Andrew Burrell, head of office research at King Sturge. “But since mid-2009, office take-up has recovered strongly ahead of any sign of an upturn in enquiries. The concern is that much of the recent rise in demand could be transient and may fade in the harsher post-election climate.”
Enquiries were up strongly year-on-year in the City and West End of London and the South East, while Nottingham, Newcastle, Glasgow and Edinburgh also showed improvement, as has Bristol more recently, King Sturge noted.
