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Land Securities, the biggest listed British property developer, said demand for office space is lower than expected due to the worsening turmoil in the eurozone.

The company said firms are delaying moves due to economic uncertainty.

“We remain consistent in our view that supply-constrained conditions will lead to rental growth, although these conditions are taking longer to emerge,” it said.

Land Securities said its adjusted net asset value per share rose 4.5 per cent to 863p, while the value of its property portfolio dropped to £10.3bn from £10.6bn after disposals.