Central London Office Lettings – November 2015

Central London office lettings bounced back with 1.15m sq ft of transactions in November 2015, spread across 56 deals during the month.

November was characterised by 14 deals over 20,000 sq ft, including Royal Bank of Canada at 100 Bishopsgate, EC3; Bouygues at Becket House, 1 Lambeth Palace Road SE1; Crossrail at Westferry Circus, E14; Pivotal at The Warehouse, EC1 and and Ineos at 38 Hans Crescent, SW1.

Financial services topped the table of lettings by sector, helped by the Royal Bank of Canada deal, followed by construction boosted by Bouygues. Professional and insurance sectors are also performing well. Office deals under offer remained steady at 3.7m sq ft.

By area, the City accounted for nearly two thirds of the total space let at 62pc of the floorspace let in the month. Current London office demand is calculated to be around 6m sq ft in the City and 3.5m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 487,000 sq ft (42% of the total), as transactions for newly developed or refurbished space took a large part of the total. There is 4.1m sq ft of already pre-let office space in the City now under construction.

Metropolis is about to publish a new report on upcoming London office schemes for Christmas 2015.

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