Commercial property firm Land Securities have revealed that tenant demand has risen dramatically in London, and a large portion of the company's properties are nearly full.
In a statement, Land Securities revealed that the company had closed £5.5 million in development lettings in the three months leading to July, while an extra £12.3 million is currently being negotiated with solicitors. The firm used 20 Fenchurch Street as an example, with the 'Walkie Talkie' already being 52 per cent pre-let and an extra four per cent of the space being in the hands of solicitors.
2.2 per cent of retail units were still in administration, a slight fall from 2.3 per cent however over the same period in 2012. Total retail sales had increased by 2.5 per cent due to various units being taken up across the city.
Chief executive Robert Noel said: "In London, demand is increasing and we remain confident that our portfolio is well positioned and our developments well timed. Overall, the retail market remains challenging but we are maintaining very high levels of occupancy in our centres and are pleased with our increased exposure to leisure."