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Gazumpers are back as the rally gathers pace
5 Nov 2009Gazumping is back in the London office market as tenants fight for the best space.
A growing number of firms looking for offices to rent are losing out as rivals swoop in and make better offers.
It comes as the London office market recovers from the worst slump in decades.
Property agent Knight Frank today told the Evening Standard that a lack of supply and a return of demand was driving the market. James Roberts, head of central London research at Knight Frank, said: “Things are much better than back in January and there is good reason for renewed optimism, but we are not out of the woods yet.”
He said “a significant number of smaller tenants under offer on deals have been elbowed out when a larger tenant has emerged”.
Banks are taking space despite fears they would be shedding staff for much of this year and next in the wake of the financial crisis.
