London organisations in the business and professional services sector appear to have enjoyed a successful quarter.
According to the Confederation of British Industry (CBI), the value and volume of business in this segment have increased for the second three-month period in a row.
The Service Sector Survey examined the fortunes of companies including those in the legal, marketing and accountancy sectors and discovered over the past quarter, the value of business rose by 12 per cent.
Such a lift represented the fastest growth since November 2007. Commenting on the findings, chief economic advisor at the CBI Ian McCafferty said: "Numbers of employees have also increased and are expected to continue to do so. These are all sure-fire signs that business spending is picking up, which will help drive the recovery."
Indeed, the poll found that intentions for investment into land and buildings are above average.
With growing staffing levels and plans to acquire more space, firms in the business and professional services sector may require new
London offices.
Furthermore, with a recent Department for Business, Innovation and Skills report revealing the number of private sector enterprises in London rose to 706,000 last year, demand for high-quality and prestigiously-located offices could also increase.
Posted by John Evans
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