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OFFICE SPACE FALLS TO PRE-LEHMAN LEVELS
AVAILABILITY of office space in central London has fallen to 16.7m square feet, its lowest level since September 2008, according to research by real estate and property service firm Knight Frank.”
This is a a quarter-on-quarter fall of nine per cent and a fall of 18 per cent over the last 12 months, leaving a vacancy rate of just 7.4 per cent, similar to the levels seen before the collapse of Lehman Brothers. Despite developments across the City, the pipeline is currently failing to replace transacted space.