London Offices May 2014

Central London office lettings in May 2014 reached 1.37m sq ft in 50 deals, driven by the signing of some large deals. The May figure puts 2014 back on target for 12m sq ft of medium/large office deals for the year.

The largest letting was M&G’s decision to pre-let 322,000 sq ft of office space in the City, as well as Mizuho taking 192,000 sq ft at 2 Ludgate, EC4 and Estee Lauder signing for 140,000 sq ft at Fitzroy Place in W1

The City again led the way with over 500,000 sq ft of office deals, backed by 120,000 sq ft of Docklands deals ans a strong showing in London, SE1. The West End, helped by the Estee Lauder pre-let, accounted for over 300,000 sq ft of transactions.

Financial services led the take-up by sector in the month, followed business services and retail related companies.

A rise in new requirements, particularly by medium sized companies in the City of London is likely to feed through to more deals in future months. Metropolis is currently tracking around 7m sq ft of active central London searches.

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