November 2014 Central London Deals

Central London office lettings in November 2014 reached 1m sq ft in 56 medium or large deals, representing a return to the monthly average for 2014

November was characterised by large lettings to Societe Generale, Threadneedle and Allied World amongst others.

The financial, insurance and media sectors topped the table of lettings by sector. Recent research by Metropolis has highlighted the growing importance of the healthcare and pharmaceutical company sector demand.

By area, the City accounted for 29pc of the deals, while Docklands was boosted by the large Societe Generale letting.

The volume of grade A (newly built or refurbished office space) let during the month grew to 650,000 sq ft as transactions in previously occupied space enjoyed a good month.

Property consultant DTZ estimates that London office take-up in 2014 could top 14m sq ft. It calculates that technical and media is taking 25% of take-up followed by insurance on 24%. The highest rents are being paid by oil companies and serviced office providers. DTZ picks out lettings to EY taking 205,000 sq ft at Canary Wharf; Mishcon de Reya taking 116,000 sq ft at Africa House, WC2, Amazon taking 430,000 sq ft at Principal Place and Omnicom’s 368,000 sq ft at Bankside 2 & 3 alongside M&G’s 320,000 sq ft pre-let of 120 Fenchurch Street, EC3 as its deals of the year.

Merry Christmas to all Metropolis Blog Readers

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