Central London Office Deals May 2015

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.

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