Decline in demand for offices to rent in London

Decline in demand for offices to rent in London8th July 2010

There was a decline in demand for offices to rent in London last month as the economic outlook restricted tenant demand.

According to the latest monthly index from CB Richard Ellis (CBRE) - the world's largest real estate advisor - capital growth slowed to 0.6 per cent in June after a 0.7 per cent rise in May, reports Reuters.

This took the year-to-date rise in property values to 6.8 per cent.

Nick Parker, CBRE UK's economics and investment senior analyst, said: "The property investment market is clearly slowing, with investors turning more cautious and yields flattening. Outside central London, occupier markets remain fragile."

He added a further slowdown in investor activity may have an impact on competition for property and trends in yields.

According to the latest Markit/CIPS Purchasing Managers' Index, the service sector in the UK lost further growth momentum in June and activity increased at its slowest rate for ten months.

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