London commercial property activity highlights recovery

New research has revealed that London's commercial property market is showing signs of recovery.

The study by CB Richard Ellis (CBRE) revealed that take-up of office space in central London rose to 2.6 million sq ft over the third quarter of 2009, which was a significant rise from the figure of 1.1 million sq ft recorded in the first three months of this year.

It was also found that available office space fell by nearly 1.5 million sq ft, while the vacancy rate dropped slightly.

Kevin McCauley, head of central London research at CBRE, said "a marked improvement in both leasing activity and sentiment" has been seen.

He added: "The amount of space under offer remains above 1 million sq ft, which augers well for future take-up over the next few months."

Earlier this week, research by CBRE revealed that investor interest in the regional office markets is showing signs of recovery after repricing in the past two years.