With office availability in the capital at critically low levels, Office Space in Town, a serviced office provider in London is launching two new serviced offices and reports that office availability is at critically low levels in Central London.

The supply of office space available to rent fell by 14% last year, which the firm says is the lowest level since 2009. In the West End vacancy rates are around 4% and in the City office space has reached its lowest level since 2001, and with demand continuing to soar there is a growing requirement for new office developments across these areas.

The UK’s serviced office market has enjoyed robust growth, with Central London the clear leader recording a 67% increase in floor space over the last 10 years. The West End and the City continue to dominate the serviced office sector, together accounting for 62% of the overall London market in 2014.

The demand for good-quality office space is also expected to increase in the coming years as businesses continue to demand smarter technology, prime London locations and close-proximity to complementary businesses, according to a report release by Deloitte Real Estate in May 2015.