Jones Lang says spec development is halted

JLL reports that there is no speculative development due to start in the "western corridor" this year.

And less than 150,000 sq ft is due to start in 2009 or 2010, says the Commercial Agent’s report out this week. They say that this is due to developers getting twitchy about the credit crunch.

JLL also note that office take up in West London has dropped this quarter, to 1.65m sq ft from 2.9m sq ft for the same period in 2007, although vacancy rates are down with rents up, showing the strength of the occupational market.

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