A surge in office lettings in London has seen the occupancy rate for properties owned by British Land rise to over 90 per cent.
According to the real-estate investment trust, some 450,000sq ft of new lettings have been completed since British Land announced its third quarter results in February, boosting the proportion of its portfolio being leased from 84 per cent to 92 per cent.
Among the most marked surge in take-up was at the 10 Triton Street development, where 117,000sq ft of space was leased by the marketing and communications giant Aegis Group.
Meanwhile, Gazprom Marketing & Trading signed up for 89,000 sq ft of space at the company’s 20 Triton Street offices.
Tim Roberts, Executive Director and Head of Offices at British Land, said: ”We continue to see good levels of interest in our remaining space and are optimistic about the outlook given the shortage of high-quality prime Grade A space over the next few years.”
News of the firm’s improving performance comes after a two-year period of sustained acquisition during which time it added 1.7 million square feet of Grade A space to the its prime office portfolio.
Of this 165,000 square feet in the City and 125,000 square feet in the West End is still available to lease.