Metropolis finds movers a year early

Metropolis has analysed the 143 prime, grade A London office deals for new and refurbished office space in signed in the first seven months of 2014. It has then followed the trail of each ‘mover’ to see when its requirement became apparent and how early the original requirement was picked up by its researchers.

The average was reduced by a proportion of firms which made late decisions to expand, despite having no impending lease event. At the other end of the scale, some companies have been tracked through searches which have lasted up to four years

Looking at our prime central London requirements and lettings of high value Grade A space in 2014:

• 143 deals amounting to 4m sq ft so far in 2014

• Metropolis on average ran a story on each of the relocating companies over 11 months before deal was signed. Giving clients prior warning of requirement

• In some cases tracking company and property contacts 2 or 3 years (or in two cases 4 years) in advance of move

• Most of the requirements picked up from detailed research into future lease events

• Some 600 future London requirements remain on the Metropolis database

Some examples include:

The Doctors Laboratory was first identified as on the look-out for a 75,000 sq ft pre-let by Metropolis in October 2011. It eventually signed to take 80,000 sq ft at Stanhope’s 1 Mabledon Place (Halo Building), London, WC1 in July 2014.

Mishcon de Reya, the midtown law firm, was first reported by Metropolis to have a search underway for a new central London HQ in January 2011. After many intervening updates, it eventually signed to take the whole of Africa House in Kingsway, London, WC2 in July 2014.

Tibco Software first told Metropolis that it was looking to relocate its 6,000 sq ft City of London office in November 2011. It signed to take 12,000 sq ft at Salesforce (Heron) Tower in July 2014.

Angel Trains was identified in November 2010 as a company that would need to relocate in advance of a plan to redevelop its London HQ. In July 2014, Angel Trains told Metropolis that it has signed to take nearly 1,580 sq m (17,000 sq ft) of offices on the 5th floor of 123 Victoria Street, London, SW1, for a late 2014 move.

Euromoney first revealed that it was looking to bring together three fragmented office locations into one London HQ in February 2012. In June 2014, it signed for a new headquarters of 4,459 sq m (48,000 sq ft) at 8 Bouverie Street, and 1,672 sq m (18,000 sq ft) at 4 Bouverie Street, London, EC4.

Enyo Law LLP, the commercial law firm, has told Metropolis in October 2012 that it had started a search for 10,000 sq ft. In June 2014, Enyo told Metropolis that it had signed for 845 sq m (9,100 sq ft) of offices on the 6th floor of Blackfriars Court, Pilgrim Street, London, EC4.

In conclusion, the majority of high-value London office moves, which have taken place in 2014, were tipped on average a year in advance by Metropolis. In future, a further 600 companies are likely to choose new offices (both new and secondhand) over the next two years.

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