London office deals surge

Central London office take-up surged in March 2014, reaching over 1.6m sq ft for the month. Large deals included Transport for London taking 250,000 sq ft at Canary Wharf, HCA taking 70,000 sq ft at the Shard and Google taking 160,000 sq ft at Kings Cross Central.

Some 76 office deals of over 5,000 sq ft were recorded during March, of which 30 or 800,000 sq ft were for Grade A newly built or refurbished space, many of them pre-lets.

The most active districts were the City and Docklands, with 600,000 sq ft and 400,000 sq ft respectively. The highest rent was a 6,000 sq ft letting to a hedge fund at 33 Davies Street in Mayfair, W1. Lease lengths were mostly ten years with a break in year five.

After a sluggish start to the year, the surge of deals in March rescued Q1 2014 to bring the quarterly total to a respectable 3.1m sq ft and keep the Metropolis forecast of 12m sq ft take up in 2014 on track.


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