October 2014 Central London Deals

Central London office lettings in October 2014 reached 950,000 sq ft in a slightly disappointing 37 medium or large deals, representing a slowdown after the 1.3m sq ft transacted in September

October was characterised by large lettings to M&G Investments, Omnicom and Zurich Insurance amongst others.

The financial, professional and media sectors topped the table of lettings by sector. By area, the City accounted for 73pc of the deals, helped by the large M&G pre-let. Southbank was boosted by the large Omnicom letting.

The volume of grade A (newly built or refurbished office space) let during the month fell to 460,000 sq ft as transactions in previously occupied space enjoyed a good month.

Property consultant CBRE estimates that there is a total of 6.5m sq ft of active demand in the central London market. The largest proportion of active demand comes from the media sector (29%), with the finance sector representing 23%. To underline this there are now over 770 active London requirements on the Metropolis database and a further 2-3m sq ft of potential requirements in the pipeline.

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