Central London Office Lettings April 2015

Central London office lettings registered a healthy 1m sq ft sq ft of transactions in April 2015, spread across 47 deals during the month.

The month was characterised by 11 deals over 20,000 sq ft, including Transport for London at the Stratford Quarter; Kings College London at Bush House, WC2: BRIT Insurance at the Leadenhall Building, EC3 and Facebook in Euston Road, NW1. Other large lettings included deals to Microsoft, Office Group and London Metal Exchange.

Transport and financial sectors topped the table of lettings by sector, helped by the TfL and London Metal Exchange deals, followed by computer/IT and business services. Serviced office operators continue to be very active in central London. Under offers by negotiating tenants are thought to be around 3m sq ft., with the largest as DLA Piper in the City.

By area, the City accounted for over half the deals (32) and 68pc of the floorspace let in the month, while Docklands saw nearly 270,000 sq ft let in just two deals. Office demand is calculated to be around 5m sq ft in the City and 2.5m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month increased to over 500,000 sq ft as transactions for newly developed or refurbished space rose again.

Metropolis is sending a spring 2015 report on office space just completed and under construction in London to clients, based on its extensive database of planned and under construction office schemes.

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