Member Article

Land Securities takes advantage of London commercial space shortage

The UK’s largest commercial property company, Land Securities, has said that rental values in London are on the increase as a result of a commercial space shortage.

The property giant reported sales of £701.6 million during the third quarter bringing the total to £886.4m for the nine months to 31 December.

Land Securities saw acquisitions of £234.6 million during the quarter and £933.9 million for the nine months to 31 December.

Robert Noel, chief executive, said: “Our business and markets are in good shape. In London, rental values are rising due to a shortage of new commercial space just as we are delivering a major programme of office and retail space to the market. Interest in our developments is strong and on terms ahead of our valuers’ most recent estimates.

“In Retail, we have completed the transformation of our shopping centre portfolio under our strategic focus of dominance, experience and convenience.

“Footfall is up and sales are up. Although there is political uncertainty at home and abroad, we expect interest in our schemes to remain strong, reflecting both the quality of our portfolio and the lack of supply in London.”

This was posted in Bdaily's Members' News section by Ellen Forster .