Towering Ambitions
December 13, 2016 Leave a comment
London Office Developments – Skyline Survey Winter 2016
Metropolis and Cityoffices has just published a special “Skyline” Survey of the central London office development market for the period April 2016 to October 2016. The survey takes a snapshot of central London office construction in Q4 2016, recent completions, recent pre-let activity and looks ahead to future pipeline projects that will shape the next three years.
Highlights include:
– 109 office schemes currently under construction in central London (14.5m sq ft) compared to 78 a year ago
– 4.2m sq ft at demolition stage
– 37 scheme starts in last six months
– office completions over last six months reached nearly 2m sq ft
If you are considering becoming a Metropolis subscriber and would like a copy of the report please email simon@metroinfo.co.uk.
The Metropolis database system holds all of the above construction data and thousands of other leads on end user office requirements, moves and fit-out projects – for details on accessing the leads and joining Metropolis please email simon@metroinfo.co.uk .
November 2016 Central London Lettings
December 21, 2016 Leave a comment
Central London office lettings in November 2016 recorded nearly 1,050,000 sq ft of deals from 45 mid-large size transactions (5,000 sq ft+) during the month.
The November figure represents a rise of 17% from the 900,000 sq ft total in October and a rise in the number of office deals over the month.
November was characterised by 10 office deals over 20,000 sq ft, which included Freshfield’s 300,000 sq ft pre-let at 100 Bishopsgate, EC2; Fidelity took 105,000 sq ft at 4 Cannon Street, EC4 and WeWork took 72,000 sq ft at The South Bank Tower, SE1.
Professional services topped the table of lettings by sector, underpinned by the Freshfields deal, along with big lettings to Olswang and Nabarro, followed by the financial sector, boosted by deals to Fidelity and EQT. Business services also performed well helped by more lettings to WeWork. Office deals under offer in central London fell slightlt to 2.5m sq ft after deals in the City and one in Southbank.
By area, the City accounted for only 78pc of the office floorspace let in November – a big increase on the 18pc in October. The West End saw 70,000 sq ft of take-up. Midtown contributed 20,000 sq ft of transactions, but Southbank again performed well with 70,000. Current London office demand is calculated to be around 4m sq ft in the City and 3m sq ft in the West End.
The volume of grade A (newly built or refurbished office space) let during the month reached a remarkable 800,000 sq ft (76% of the total), as transactions for new space kept momentum.
Take-up in central London for January to November 2016 has so far reached 9.4m sq ft with December to come. With two or three large lettings pencilled in the yearly total could touch 11m sq ft.
Cityoffices wishes all its readers a Merry Christmas and prosperous New Year.
Filed under CityOffices.net News, Market Comment, Metropolis Market Reports Tagged with Central London, lettings, November 2016, offices, sq ft, take-up