Central London Office deals June 2015

Central London office lettings registered nearly 1.4m sq ft sq ft of transactions in June 2015, spread across 58 deals during the month. this is the highest monthly floorspace figure in 2015, so far.

The month was characterised by 20 deals over 20,000 sq ft, including Deutsche Bank at t10 Upper Bank Street; Google at Building S2 Kings Cross; DKLW at C:Space on City Road, EC1: Marshall Wace at Sloane Street and Saffery Champness at 71 Queen Victoria Street. Other large lettings included deals to QBE, HSBC and NYK.

Financial sectors topped the table of lettings by sector, helped by the Deutsche Bank and Marshall Wace deals, followed by business services and computer/IT. Under offers increased to over 4.3m sq ft – the highest level since the recession. Under offers include Ashurst and DLA Piper (both now signed)

By area, the City accounted for a little under half the deals (22) and 54pc of the floorspace let in the month. Office demand is calculated to be around 6m sq ft in the City and 3m sq ft in the West End. Availability fell slightly during June, but a number of new schemes are poised to come on line.

The volume of grade A (newly built or refurbished office space) let during the month increased to nearly 1m sq ft as transactions for newly developed or refurbished space rose again.

Metropolis is working on a new report on statistics on the hundreds of new requirements added to the database in the first half of 2015.

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