London Fit-out Market Growing

Recent research from Metropolis suggests that central London grade A lettings and thus prime fit-out opportunities, have grown by 10% over the first 9 months of 2015, compared to the Jan-Sep period in 2014.

Midway between the Metropolis Fit-out Report of Spring 2015 and the planned Metropolis Fit-out Report for Spring 2016, interim figures suggest the interiors market based on central London tenants signing for space in newly constructed or recently refurbished buildings, has grown by 10%, from 5.4m sq ft of top grade lettings in the first 9 months of 2014, to 6m sq ft for the first three quarters of 2015.

Some of the largest grade A deals agreed so far in 2015 have included: The Financial Conduct Authority at the International Quarter, Stratford; Deutsche Bank at 10 Upper Bank Street, E14; Ashurst at London Fruit & Wool Exchange, E1 and Facebook at 1 Rathbone Square, W1.

In terms of which firms are winning the most fit-out business, data is muddied by the reluctance of many contractors and architects to report appointments, but some notable contract wins have included:

  • ING Barings appointed Overbury for its new 120,000 sq ft HQ at 8-10 Moorgate, EC2;
  • Paragon Interiors appointed on SEI Investments new 58,000 sq ft base at Alphabeta building on Finsbury Square, EC2;
  • Brit Insurance appointed ISG on its 66,000 sq ft fit-out at Leadenhall Building, London, EC3;
  • Network Rail appointed Willmott Dixon Interiors for its 100,000 sq ft refurbishment of One Puddle Dock, Blackfriars, EC4;
  • Hewlett Packard appointed Overbury for its 68,000 sq ft interiors at 1 Aldermanbury Square, EC2;
  • Zurich Insurance appointed ISG n its 70,000 sq ft fit-out at 70 Mark Lane, EC3;
  • CHP Consulting appointed Maris for its 19,000 sq ft fit-out at Moor Place, EC2;
  • Euromoney using FSL Interiors at on its 48,000 sq ft at 8 Bouverie Street, EC4;

Penson, HLW, HOK, Gensler, Pringle Brandon Perkins+Wil and MCM are among the architects to be appointed on large London fit-outs this year.

Looking ahead, recent research by Cityoffices, showed that although in 2015 London office construction paused slightly to around 11m sq ft of projectswith main contractors currently on site, there is now a wave of a further 7m sq ft of office projects at demolition or site clearance stage, where a construction start in early 2016 is expected. In addition, Metropolis figures for companies with London office requirements currently top 11m sq ft.

 

 

 

 

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