Lettings forging ahead

Central London office lettings in July 2014 reached 1,200,000 sq ft in 55 medium or large deals, as the market saw another period of activity above the long term average month for office transactions.

The monthly total was comfortably above the recent monthly average of 1m sq ft per month. July was characterised by large lettings to Mishcon de Reya, Dong Energy and Doctors Laboratory amongst others.

The professional sector topped the table of lettings by sector. By area, the City accounted for more than half the deals, but less than 500,000 sq ft of the July deals total. Midtown and Docklands were strong contributors.

The volume of grade A (newly built or refurbished office space) being let shows no sign of abating. Some 650,000 sq ft of the July total transacted was newly completed or refurbished. Fit-out company workloads are rising sharply.

There are currently 7-8m sq ft of active London requirements on the Metropolis database and a further 2-3m sq ft of potential requirements in the pipeline. The media sector is rising strongly up the list of new requirements being added in the second half of 2014.

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