Metropolis Movers October 2018

Metropolis ran 616 business leads on ‘office movers’ in October 2018. If all reported moves were added together the total would exceed 14 million sq ft of office searches and transactions, researched by Metropolis’ unique market-led intelligence research team, last month.

London was the largest region with 300 business leads during month, but there were also strong showings from the North West (61), South East (52) and Yorkshire (52). Financial services, IT and business services were the largest business sectors planning relocations or agreeing moves during the month.

The relocation leads geographically covered the whole UK and provided details of the size of the office occupier, company likely move dates, a description of the reasons for the move, its business sector and full contact details including an address for written inquiries, at least one telephone number and in most cases an email address. Some of the largest planned moves and top picks amongst the 616 October leads, included those on occupiers Shell UK, IBM, WPP,Jane Street Capital and McCann Worldgroup .

The October 2018 leads included 161 ‘identified requirements’, including 100 in London. Which means that the company confirmed to researchers that it has current or future plans to search for alternative office space. Of these 175 searches, 109 were newly posted office searches, not previously notified to clients.

The most recent research also included 176 ‘potential movers,’ which were mainly longer-term leads on occupiers, considering a future relocation, but the occupier has yet to make a final decision on whether to search.

Most of the remaining stories covered companies that have just signed for new office space and have set a move date, including some large pre-lets and companies inviting tenders for fit-out contracts. The shortest planned move date is just over a month away, whilst the longest was late 2021.

Recent research by Metropolis concluded that a conservative estimate of ‘live’ business tender opportunities on the database in recent months, exceeded £1bn of business.

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Central London Office Lettings April 2016

Central London office lettings in April 2016 recorded just under 650,000 ft of deals from 40 transactions during the month. The April figure represents a fall back from the 1.4m sq ft recorded in March and is below the recent average of 1m sq ft per month.

April was characterised by 11 office deals over 20,000 sq ft, including Palantir Technologies at 20 Soho Square, W1; Charles Stanley at 55 Bishopsgate, EC2 and Capital One at White Collar Factory in City Road, EC1.

Financial services topped the table of lettings by sector, helped by the Charles Stanley and Capital One deals. This was followed by insurance boosted by Chaucer’s move to 55 Bishopsgate. Retail and transport services are also performing well. Office deals under offer have risen to over 3m sq ft and include three large pending deals in the City and Docklands, with analysts believing some deals are on hold until after the Brexit vote.

By area, the City accounted for only just over a 50pc of the floorspace let in April. The West End had another quiet month, but the pace picked up in Midtown with over 100,000 sq ft let in 5 deals. Current London office demand is calculated to be around 4.5m sq ft in the City and 3.1m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 249,000 sq ft (39% of the total), as transactions for newly developed or refurbished space converged towards the monthly average.

Some 50 new office schemes were started in the last 6 months and, which exclusively prepared the research for Deloitte’s recent Crane Survey, will publish its own analysis shortly.