Major firms search for London Office Space

The London property market could finally be about to receive a much-needed boost.

Several major companies are reported to be scouring the capital’s office space market to find extra space to expand their UK portfolios. Royal Dutch Shell, Google and Aon Corp are just some of the firms rumoured to be renting extra office space which could be as large as 220,000 square feet.

Google have reportedly restarted it’s previously shelved search for 150,000 square feet of prime office space, according to property agents Cushman and Wakefield. UK business publisher, Centaur Media, are also rumoured to have started their search.

The take-up of Central London office space rose 64% in third quarter from the second quarter, while rents have hit their lowest rates in a decade. These new requirements, and other similar ones, have helped boost demand for London office space to 9.35 million square feet, up 20% from the low point in January.

Many UK office landlords, such as Hammerson, British Land and Land Securities, could benefit greatly if major companies choose to commit.

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