Central London Office Deals May 2015
June 19, 2015 Leave a comment
Central London office lettings registered nearly 1.1m sq ft sq ft of transactions in May 2015, spread across 43 deals during the month.
The month was characterised by 13 deals over 20,000 sq ft, including FCA at the Stratford Quarter; Arthur J Gallagher at 67 Lombard Street; Uber at Aldgate Tower, WC2: Barts NHS Trust at St Martins Le Grand and Penningtons at 125 Wood Street. Other large lettings included deals to UCL, ACCA, Texas Pacific and Meraki.
Financial sectors topped the table of lettings by sector, helped by the FCA and Texas Pacific deals, followed by computer/IT and business services. Under offers increased to over 4m sq ft – the highest level since the recession. Under offers include a company negotiating on over 350,000 sq ft at 10 Upper Bank Street, E14.
By area, the City accounted for over half the deals (26) and 63pc of the floorspace let in the month. Office demand is calculated to be around 5m sq ft in the City and 2.5m sq ft in the West End. Availability rose slightly during may helped by construction start of the Verde Building in Victoria, SW1.
The volume of grade A (newly built or refurbished office space) let during the month increased to over 600,000 sq ft as transactions for newly developed or refurbished space rose again.
Metropolis is putting together a 2015 report on the London office fit-out market. Details to follow.
The London Occupier Fit-Out Market 2010-2014
June 26, 2015 Leave a comment
‘Living In A Pre-Let World’
Metropolis Property Research has released it’s latest report on the central London fit-out market 2010-2014. The report ‘Living In A Pre-Let World’ provides an analysis and Top 10 rankings for firms involved in interior design and project management, fit out ‘build’, and agents advising tenants.
The No1 Ranked ‘TOP 10’ firms are:
No1 Interior Architect – TP Bennett
TP Bennett has been ranked as London’s No1 interior architect with 4.2m sq ft of occupier interior fit-out projects 2010-2014.
No1 Fit-Out Contractor – ISG
ISG has been ranked as London’s No1 fit out contractor with 3.8m sq ft of occupier fit-out projects 2010-2014.
No1 Interior Project Manager – CBRE
CBRE has been ranked as London’s No1 project manager on interior fit out projects for occupiers with 3.7m sq ft of projects 2010-2014.
No1 Tenant’s Agent – CBRE
CBRE has been ranked as London’s No1 tenant’s agent with 5.1m sq ft of occupier deals done 2010-2014.
Editorial Notes
In the five years covered by the research (2010-2014) a total of 54.4m sq ft of office space has been let in central London. Deals over 25,000 sq ft, which are the focus of the analysis, amounted to 30.6m sq ft, in 330 projects.
In the report ‘fit-out’ is defined as being the fitting out of new office space for those corporate occupiers signing deals for space in central London in the period 2010-2014.
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The report ‘Living In A Pre-Let World’ is available from Metropolis Property Research. For details please contact Simon Sluszny – simon@metroinfo.co.uk
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About Metropolis Property Research Ltd
Metropolis Property Research is an independent research and information company established in 1998. The company carries out research into the UK and international office markets and corporate moves. http://www.metroinfo.co.uk
26.06.15
Filed under Market Comment, Metropolis Market Reports