London Lettings – August 2014

Central London office lettings in August 2014 reached 807,000 sq ft in 43 medium or large deals, following the traditionally slower August deals month.

However the yearly total to date of 9.6m sq ft is comfortably above the same point in 2013. August deals were characterised by large lettings to Lloyds Bank, Havas and Zurich Insurance amongst others.

The financial, media and insurance sectors topped the table of lettings by sector. By area, the City accounted for more than half the deals. The West End saw a larger share of transactions than recent months.

The volume of grade A (newly built or refurbished office space) being let again topped 500,000 sq ft. This is from the smaller 800,000 sq ft August total transacted which was newly completed or refurbished.

There are now over 700 active London requirements on the Metropolis database and a further 2-3m sq ft of potential requirements in the pipeline.

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