| Abstract: | Summary The paper examines the main features of the office market and the office development process in London, which is not only the largest office centre in the UK, but also in Europe as a whole. The discussion starts with the main factors which have contributed to the growth of London as a national and international office centre, concentrating in particular upon the main sources of demand for new office building. The cyclical nature of post‐war office development in London is described, illustrated by an examination of the relative trends in investment and development returns from new offices. The impact of the supply cycle upon the organization and funding of development, and upon its scale and location are then discussed, followed by a brief review of the impact of planning policy upon the office market. Finally, there is a review of the current situation at the end of the third post‐war cycle, and an assessment of the likely impact of new office technologies upon the demand for office space in the next development cycle during the late 1980s. |
