Central London Office Deals – September 2015

Central London office lettings registered a small rise to 840,000 sq ft of transactions in September 2015, spread across 52 deals during the month.

September was characterised by 10 deals over 20,000 sq ft, including Deutsche Asset & Wealth Management taking 90,000 sq ft at the Zig Zag building, Victoria Street, SW1; Mediobanca at 62 Buckingham Gate; Universal Music at 4 Pancras Square, N1 and Seven Investment Management at 55 Bishopsgate, EC2.

Financial services topped the table of lettings by sector, helped by Deutsche and seven Investment Management deals office, followed by media boosted by Universal Music’s pre-let. Office deals under offer (including RBC in the City) fell slightly to 3.8m sq ft.

By area, the City accounted for a little under half the deals (21) but only 30pc of the floorspace let in the month as other areas saw a lettings boost. Current London office demand is calculated to be around 6m sq ft in the City and 3.7m sq ft in the West End. Availability fell to 9.6m sq ft, but a large number of new schemes are at demolition stage and soon to be marketed.

The volume of grade A (newly built or refurbished office space) let during the month reached 557,000 sq ft (66% 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 schemes for autumn 2015.

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