A rosy picture of the market has been painted by DTZ in its predictions for 2011 in a resurgence of pre letting activity and investment. This will be driven by greater demand from occupiers so that DTZ reckons that monthly lettings
could reach 92,900 sq.metres (1 million sq.ft.) with rental increases to £645.60 a sq.metre (£60 a sq.ft.) in the City and £1022.20 a sq.m. (£95 per sq.ft.) in the West End. Colin Wilson of DTZ commented: “As we move into 2011, it seems increasingly likely that further stock will be brought to the market as banks and, in particular, Ireland plc accelerates the de-leveraging process.” Colliers’ view is that the West End retail and hotel businesses are in good shape with rents rising and a weak pound helping to pull in foreign visitors. Even the volume of retail
sales rose in 2010 from the level of the previous year. Colliers’ Mark Charlton said: “Currently an astonishing £1 billion of investment in the West End is
planned over the next two years, with a number of major developments well underway.”
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