Take-up of new office space in the city of London has fallen to the lowest level since records began twenty years ago, according to figures released by retail company Atisreal.

Since the beginning of the year just 220,000 sq feet of new office space has been taken up - just half of the office take-up during the last recession.

The downturn has also affected city rents, which are down around a third from their market peak in 2007 of £67.50 per sq feet.

A separate report from Citi Private Bank has revealed that London is no longer the most expensive place to buy residential property and has been replaced by Monaco.