Central London Office Deals – August 2015

Central London office lettings registered a slightly muted 740,000 sq ft of transactions in August 2015, spread across 50 deals during the month.

August was characterised by 9 deals over 20,000 sq ft, including King.com the leisure/tech firm taking 65,000 sq ft at the Ampersand building on Oxford Street, W1; WeWork at the Space Shoreditch building in E1; Level 39 at Canary Wharf, E14 and London Executive Offices at 5 Cheapside, EC2.

Business services topped the table of lettings by sector, helped by the serviced office deals, followed by media and financial services. Office deals under offer (including RBC in the City) rose again to 4.3m 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 (19) but 48pc of the floorspace let in the month. Current London office demand is calculated to be around 6.1m sq ft in the City and 3.9m sq ft in the West End. Availability fell to 9.7m 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 300,000 sq ft (nearly 41% of the total), as transactions for newly developed or refurbished space took a large part of the total.

Metropolis is about to publish a new report on upcoming London office requirements for autumn 2015.

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