London Office Market – November 2018

Central London office lettings in November 2018 reached just over 1m sq ft from 57 mid-large size office transactions (5,000 sq ft+) during the month. The November 2018 figure is in line with the current monthly London average of 1m sq ft.

November was characterised by 16 office deals over 20,000 sq ft, which were led by the Deloitte Digital’s 99,000 sq ft deal at Shoe Place, EC4 along with large deals to Starlizard in Camden; THB Group’s pre-let at 22 Bishopsgate, EC3 plus Axis Speciality and National Australia Bank at ‘The Scalpel’.

IT services topped the table of lettings by sector, compiled by Metropolis, underpinned by the Deloitte deal. This was followed by business services led by lettings to Knotel, ETC Venues and Wework. Insurance, professional and business services were also well represented. Office deals ‘under offer’ in central London remained at 3.7m sq ft, and pending deal volumes are healthy in nearly all sub-markets, with a number of deals pending.

By area, the City accounted for 48pc of the office floorspace let in November 2018 at 480,000 sq ft. The West End saw 200,000 sq ft of take-up. Midtown contributed 150,000 sq ft of lettings and Docklands 40,000 sq ft. Current London office demand is calculated to be around 3.8m sq ft in the City and 3.3m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month, reached a healthy 460,000 sq ft sq ft (46% of the monthly total), as transactions for new space resumed their recent strong showing. Availability is dominated by secondhand space in all London markets.

Metropolis research is currently monitoring 635 ‘live’ London office requirements, with pending deals for space of up to 1.5m sq ft due to sign in the next few months.

Cityoffices is close to completing on its autumn ‘Skyline Survey’ Report in London. Details on Metropolis database from Paul Ives at

One Response to London Office Market – November 2018

  1. Francesca says:

    This is a very helpful update on the London office market. Good to see the November figure was in line with the current monthly London average. Thanks for sharing!

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