London’s latest movers

London office take-up in January 2014 paused for breath after the deals frenzy of late 2013. Just over 600,000 sq ft was let in 33 deals over 5,000 sq ft, compared to a monthly average of over 1m sq ft in 2013.

There were still some large deals as law firm Macfarlanes inked-in its much-anticipated pre-let of 48,000 sq ft at 98 Fetter Lane and SEI Investments pre-let of 62,000 sq ft of offices at ‘Alphabeta’ Finsbury Square, EC2.

In terms of take-up by sector, the TMT sectors lost their top slot to the recovering financial sector this month, followed closely by professional services.

Grade A (recently completed or refurbished space) accounted for 345,000 sq ft of lettings, or over 50% of the month’s deals, illustrating that the construction surge of the last two years is now translating to some high value office relocations. Some 600  London based companies are expected to make relocation decisions in 2014. A full list is available on Metropolis.

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