London November Office Take-up

Central London office take-up in November 2013 reached 1,040,000 sq ft (deals of 5,000 sq ft or more). This brings the 2013 year to date total to nearly 10.7m sq ft in 500 deals, which is a 20% rise on the same point in 2012, according to research by http://www.cityoffices.net.

The November total was boosted by the 200,000 sq ft letting to Ernst & Young at 25 Churchill Place in Docklands. Lease terms continue to average ten years, with a break option in year five. Rents averaged just under £45 psf.

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Top towns forecast for 2014

Property consultant Lambert Smith Hampton has ranked 65 of the largest towns and cities outside London based on their economic vitality and the likelihood of an active property market in 2014

The top 10 towns and cities in the UK Vitality Index are:

Cambridge
Guildford
Brighton
St Albans
Reading
Wokingham
Maidenhead
Warwick
Milton Keynes
Bournemouth, Edinburgh, Reigate (joint)

Research by Metropolis particularly underscores the prospects for Cambridge (41 moves or requirements due in 2014); Reading (52) and Edinburgh (150).

Metropolis Law Report – 2.6m sq ft required

Metropolis Law Report 2014

Law Sector Office Activity in London and the UK

Metropolis has just published its latest report on law sector activity in London and the UK.  The 10 page report looks at law sector office activity trends, requirements, letting deals and fit-out analysis. It was compiled by our research team using Metropolis lead data.

Highlights include:

  •  Across the UK, there are currently 140 identified law firm office requirements totalling 2.6m sq ft
  •  There are over 100 London law firms with lease expiries or breaks coming up in 2014-16
  • 50% of the space taken by legal firms so far in 2013 is recently built or refurbished grade A space
  • US and international firms move more frequently than UK-based firms

The report also features our top 10 list of law firm property advisors, law firm interior architects and law firm fit-out contractors.

Metropolis Law Report 2014

Please contact simon@metroinfo.co.uk if you would like further details on the report.

Deals at City scheme

Xchanging has now signed to take 4,645 sq m (50,000 sq ft) of offices on the third floor and DnB NOR Bank, (Den Norske) the Norwegian bank, has signed to take around 2,230 sq m (24,000 sq ft) of offices on the 8th floor, of the recently-completed Walbrook Building in Cannon Street, City of London, EC4.

Rents are around £60 psf.

Liverpool market surge

A recent report by property consultant Knight Frank revealed an 82% surge in office take-up in Liverpool in the third quarter of 2013 compared to the same period in 2012.

Metropolis figures suggest around 60 firms have found office space in Liverpool this year including the 34,000 sq ft let at Albert Dock by law firm Hampton Hughes and 30,000 sq ft by the local NHS trust. There are around 20 medium to large firms which have a current requirement for offices in the city and overall named requirements total over 250,000 sq ft.

Potential movers include BT which has just announced a 20% increase in staffing at its Lancaster House call centre and a clutch of companies approaching 2014 lease expiries.

Office projects by Capital & Centric, Merepark and Peel Group promise a new wave of grade A space from mid-2014 onwards, but local agents think more space is required to satisfy all searches, which is likely to increase the number of refurbishments.