Top Ten London Business Sectors

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For the sixth year running, Banking and finance leads dominate the London business sector top ten. The largest search for space emerging from this sector in 2014 was a 300,000 sq ft requirement for HQ offices in London EC3, closely followed by a 200,000 sq ft office requirement in London EC2 and a similar sized requirement from a bank looking in EC4. Total new office demand in London from this sector was 4m sq ft.

Office demand from hedge funds amounted to just under 250,000 sq ft, with the average requirement a search for about 10,000 sq ft and the most popular postcodes London W1, SW1 and WC2. Demand from financial investment firms was 800,000 sq ft, with the most popular postcodes London EC2, EC3 and EC4.

Newly identified office demand from the media sector in London was about 2.5m sq ft. The largest search was a 300,000 sq ft requirement for HQ space in London W6. Other significant searches focused on London EC1 and SE1. The technology and telecoms sector, often grouped with Media under the banner “TMT”, had a similar preference for space in these postcodes, with space in WC1 and N1 also of considerable interest. Technology and telecoms demand for London offices was just over 1.5m sq ft.

 

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London office demand from the law sector remains strong, with 2m sq ft of new requirements identified last year. London EC2 and EC4 remain the most popular postcodes for this sector, although a significant number of 30,000 sq ft searches centered on London WC1 and WC2. There were over 40 confirmed law firm lettings last year, with 50% of firms yet to move.

New insurance sector office demand centered on London EC3, with 700,000 sq ft of space required in this postcode last year, matching 2013 demand. Another 300,000 sq ft was required by this sector, mainly in EC2.

In central London, Metropolis identified just over 14m sq ft of new requirements for offices. The top 5 most sought after postcodes areas by demand were: EC2 (3m sq ft), EC3 (2m sq ft), EC4 (1.6m sq ft), E14 (1.5m sq ft) and W1 (1.4m sq ft).

 

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There is currently a healthy level of competition for good quality completed and pipeline space in central London. We expect 2015 to be another good year for London fit-out, as companies continue to occupy space pre-let in previous years.

According to our research office take up in 2014 reached 12.7m sq ft, up 5% on the 2013 total. Take up in 2015 is also likely to be strong, but may not grow again by quite the same margin. Metropolis is currently tracking just over 12m sq ft of live office requirements in London and is picking up moves, on average, over 18 months before a deal is signed.

Copyright Metropolis Property Research Ltd, January 2015

 

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London Fit Out Rankings – 2009 to 2013

Boom to Bust (and Back Again)

London Fit Out 2009-2013

Metropolis Property Research’s latest report on the central London fit-out market is now available.

The report ‘Boom to Bust (and Back Again)’ provides an overview of past and future trends in London and an analysis – with Top 10 rankings – of those firms winning the most business in interior design, project management, fit out, and tenant agency.

In the five years covered by the research (2009-2013) a total of 49.6m sq ft of new office space has been fitted-out in central London.

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For details please contact Simon Sluszny – simon@metroinfo.co.uk

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About Metropolis Property Research Ltd

Metropolis Property Research is an independent research and information company established in 1998.   The company carries out research into the UK and international office markets and corporate moves.  www.metroinfo.co.uk

 

London Fit Out Rankings – 2009 to 2013

Boom to Bust (and Back Again)

London Fit Out 2009-2013

Metropolis Property Research has just released it’s latest report on the central London fit-out market.

The report ‘Boom to Bust (and Back Again)’ provides Top 10 rankings for firms involved in interior design and project management, fit out ‘build’, and agents advising tenants.

The No 1 Ranked TOP 10 firms are:

No 1 Interior Architect  – Pringle Brandon Perkins + Will

Pringle Brandon Perkins + Will has been ranked as London’s No 1 interior architect with 2.7m sq ft of interior fit-out projects 2009-2013.  This is 24% market share amongst the named TOP 10 firms.

No 1 Fit Out Contractor – ISG

ISG has been ranked as London’s No 1 fit out contractor with 3.1m sq ft of fit-out projects 2009-2013.  This is 29% market share amongst the named TOP 10 firms.

No 1 Interior Project Manager – G&T

Gardiner & Theobald (G&T) has been ranked as London’s No 1 project manager on interior fit out projects with 1.9m sq ft of projects 2009-2013.  This is 21% market share amongst the named TOP 10 firms.

No 1 Tenants Agent – CBRE

CBRE has been ranked as London’s No 1 tenant agent with 4.9m sq ft of occupier deals done 2009-2013.  This is 31% market share amongst the named TOP 10 firms.

 

Editorial Notes

In the five years covered by the research (2009-2013) a total of 49.6m sq ft of new office space has been let in central London. Deals over 25,000 sq ft, which are the focus of the analysis, amounted to 24.7 m sq ft, in all 353 projects.

In the report fit-out is defined as being the fitting out of new space for corporate clients who have signed deals for office space in the period 2009-2013 in central London.

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The report Boom to Bust (and Back Again) is available from Metropolis Property Research. The report contains an overview of the London fit out market with full Top 10 rankings and market share analysis.  For details please contact Simon Sluszny – simon@metroinfo.co.uk

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About Metropolis Property Research Ltd

Metropolis Property Research is an independent research and information company established in 1998.   The company carries out research into the UK and international office markets and corporate moves.  www.metroinfo.co.uk

12.03.14