Commercial development throughout the capital remains at a four-year high with 9.7 million sq ft across 71 schemes now under construction, according to the latest London Office Crane Survey from Deloitte Real Estate.

The City is leading the way as available space hit a five-year low and take-up reached a three-year high.

Anthony Duggan, head of research at Deloitte Real Estate, said: “2014 is currently set to deliver the largest amount of space into the Central London office market for 10 years.

“This is good news for the increasing number of companies looking for office space in a market where supply is reducing and shortages are appearing.

“However, we do not expect a significant oversupply of office space next year as there are strong indications that tenants will commit to this space during construction and so the amount being delivered into the market and available to lease will continue to reduce.

“Indeed, less than half the space completed over the last six months was available to let, with the rest let by tenants pre-completion.”