Central London Office Deals July 2015

Central London office lettings registered nearly 1.1m sq ft sq ft of transactions in July 2015, spread across 41 deals during the month.

The month was characterised by 13 deals over 20,000 sq ft, including Ashurst the law firm pre-letting at Fruit & Wool Exchange, E1; Kings College at three buildings in Aldwych Quarter, WC2; NESTA’s pre-let at 58 Victoria Embankment, EC4: Office Group at the White Collar Factory in EC1 and Balfour Beatty at 5 Churchill Place, E14.

Professional sectors topped the table of lettings by sector, helped by the Ashurst deal, followed by Education and business services. Under offers are steady at 4.2m sq ft, of which a substantial proportion is in the City of London.

By area, the City accounted for a little under half the deals (15) and 46pc of the floorspace let in the month. Office demand is calculated to be around 5.9m sq ft in the City and 2.8m sq ft in the West End. Availability fell to 10m sq ft, 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 reached 800,000 sq ft (nearly 80% of the total), as transactions for newly developed or refurbished space again predominated.

Metropolis is about to publish a new report on statistics on the near 900 new requirements added to the database in the first half of 2015.

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