London property recovering
Property group Shaftesbury have reported a strong demand for commercial properties in the West End of London, dramatically reducing empty office space post recession.
The property firm announced recently that it had 55,000 square feet of office space vacant in January, as opposed to 70,000 square feet in September 2009 – a reduction of 21 per cent.
This will be a boost for the firm who announced a pre tax loss of £58.1m during the 2008-2009 financial year, despite the value of its properties rising by 7 per cent.
A demand for office space will also seek to bolster the market for jobs in construction as architecturally designed commercial premises command a high number of talented construction workers.
Recent interest in London property has included shops, restaurants and cafes which The Financial Times reports is helped by a strong tourism trade. The West End in particular, contains a host of theatres and other attractions, meaning that it still retains a strong draw for visitors and Londoners alike.
Property development and investment company Helical Bar also remains positive that the London property and office market will continue to grow, stating in their most recent press release: ‘We are seeing signs that the London office market is recovering and good progress being made. Whilst we continue to remain cautious, we are confident that we have a programme in place to deliver growth to shareholders in the future’.
Author: Sarah Howard
Keywords: jobs in construction