London office space rents experienced a significantly slower rate of decline in the second quarter, new figures reveal.
According to DTZ, office rents fell by just two per cent over the course of the three month period from March to June.
This compares with the decline of 14 per cent which was recorded during the preceding period.
Meanwhile, the rate of decrease in the West End slowed from 14 per cent in the first quarter to five per cent.
The improvement has been attributed to companies looking to take advantage of cheaper rents in desirable central locations.
Evidence for this development was apparent in the two-fold increase in take-up for City office space with some one million square feet rented out.
DTZ is a global real estate adviser and boasts operations in across Europe, Middle East and Africa (EMEA), Asia Pacific and the Americas with an employee base of 12,500.