The central London office market is experiencing a much-needed boost, according to figures released by a major property adviser.
According to DTZ, the current availability of office stock stands at 1.8 million sq m, compared to 2.6 million sq m this time last year.
The capital's shrinking supply of offices will be good news for the raft of architects working on speculative office schemes in the capital.
The West End has proved particularly popular over the last 12 months. Here, nearly 500,000 sq m of office stock was rented out over the past year, 100,000 sq m more than the previous year.
Head of central London agency at DTZ, John Forrester, said: 'This steadily improving situation in central London is likely to continue through 2006.
'The central London economy is internationally facing, and is benefiting from buoyant demand for financial and professional services,' he added. by Rob Sharp