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Even though speculative development has all but ceased in region according to Jones Lang LaSalle’s latest research
Notes to Editors:Key H1 2009 market highlights as follows:
- 1.23m sq ft was let in H1 2009 which compares with 1.1 million sq ft in H2 2008 and a whole year total for 2008 of 2 million sq ft. Most of the leasing activity focused on the Heathrow market.
- Over 6.6 million sq ft on the market to let at the end of June 2009 – an increase of 18%.
- Vacancy rates stands at 8.3%, its highest level for at least 15 years, although it has been climbing gradually since 2000 when vacancy dipped to just over 3%.
- 261,000 sq ft is under construction but all of this is due to complete before the end of 2009.
- Between them logistics and retail accounted for almost three quarters of the space let in H1 2009.
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