Central London take-up 'falls 30%'

New figures have suggested that commercial property and office take-up in central London has fallen to its lowest level in six years.

According to the research from real estate adviser Atisreal, annual take-up in the area during 2008 stood at 3.71 million square feet, which equates to a 30 per cent fall from 12 months earlier and its lowest figure since 2003.

It was also revealed that the fourth quarter saw a rise in vacancy rates as the number of developments completed increased.

Dan Bayley, head of national lettings and sales, said the next six months are to be "just as tough as 2008".

However, he added: "The silver lining for tenants actively looking for office space is that they may find rents coming to a level that they cannot resist sooner than might have been expected."

Recent research by NB Real Estate found that commercial property rents in traditionally expensive areas of London, such as the West End, dropped by a third in 2008.