Central London Office Lettings – October 2015

Central London office lettings registered a subdued 550,000 sq ft of transactions in October 2015, spread across 36 deals during the month.

October was characterised by 9 deals over 20,000 sq ft, including One Avenue Group at Dawson House, 5 Jewry Street, EC3; Ince & Co at Aldgate Tower, E1; Alexander McQueen at 1 Aylesbury Street, EC1 and N1 and Coller Capital at Park House, W1.

Business services topped the table of lettings by sector, helped by the One Avenue deal, followed by professional boosted by Ince & Co and another law firm. Office deals under offer (including Thomson Reuters) fell slightly to 3.7m sq ft.

By area, the City accounted for a little under half the total space at 35pc of the floorspace let in the month. Current London office demand is calculated to be around 5.8m sq ft in the City and 3.8m sq ft in the West End. Availability rose to 10.9m sq ft, helped by completion of a number of schemes in Q4.

The volume of grade A (newly built or refurbished office space) let during the month reached 317,000 sq ft (58% 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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