Could 'growing momentum' mean more firms moving to London?

Date: 16/06/2011

There is a "real momentum" in the London commercial property market at present, which could mean more companies are buying 020 numbers and moving to the city.

Robert Noel, managing director of Land Securities' London Portfolio, explained his organisation is using this growth to create value and boost developments.

He made these comments after it was announced that Land Securities has sold 110 Cannon Street and Martin House to Universities Superannuation Scheme for around £48.5 million.

A major 73,000 sq ft refurbishment is currently underway at the Cannon Street address and it is due for completion in spring 2012 - something firms looking to establish themselves in the city may want to take note of.

This comes after Land Securities received planning permission for the redevelopment of 30 Old Bailey and 60 Ludgate Hill earlier this month.

Mr Noel added that office space in London is currently moving to "supply constrained conditions".

This could encourage enterprises to start their search for premises and new local phone numbers straight away.