Metropolis Office Requirements – Q3 2014

9.5m sq ft of demand

Our team here at Metropolis researched over 370 UK company office requirements in Q3 2014, representing 9.5m sq ft of office demand.

6m sq ft of this demand was for space in Greater London and 4.9m sq ft was demand for space in central London.

Demand for City of London space continued to be strong during Q3, with 2.4m sq ft required in over 60 planned relocations. Three of the top five largest requirements in the City were searches by technology and media companies. EC2 demand made up 37.5% of the total space required.

1.4m sq ft of demand was identified in the West End of London, split equally between requirements for space in London SW1 and W1. Again three of the top five largest requirements were searches by technology and media companies, with two significant searches by financial service sector companies identified.

Mid Town office demand was largely focused on London WC2, with 100,000 sq ft of the 300,000 sq ft required in this postcode attributed to media sector requirements.

Just over 0.6m sq ft of demand was researched in London’s Southbank, 200,000 sq ft of which was triggered by an energy company’s requirement for additional space in the area.

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Similar to H1 results, the Banking & Finance sector is leading the demand for new UK offices, with 1.4m sq ft of requirements in the UK, just over 0.4m sq ft of which is sought in the City of London.

Requirements from media sector companies represented just over 1m sq ft of demand, a 300,000 sq ft requirement in London W1 significantly boosting this figure. Technology & Telecom sector requirements came a close third with 0.9m sq ft of demand. The law sector accounted for 0.8m sq ft of demand and the insurance sector 0.5m sq ft.

 

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Simon Sluszny October 2014

Copyright Metropolis Property Research Ltd

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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

London offices leading the economy?

Market updates by four London agents this week suggest the London office letting market is becoming one of the most positive indicators that the UK economy has started recovering.  Just-released data from Knight Frank, Cushman & Wakefield, CBRE and Jones Lang LaSalle points to a second consecutive quarter of above 3m sq ft of office lettings.

The reports use phrases such as “a new cycle” and “the tipping point of the market is close” as part of an upbeat assessment, which includes predictions of a further 1.2m sq ft of deals due to be signed in the next two months, leading to nearly 7m sq ft predicted to be transacted in the City alone, this year, together with a 5% increase in rents.

Metropolis letting figures for London back this up, with office take-up nearly 20% ahead of the same point in 2012 and an increase in the number of central London requirements for 2014 and 2015. However, this is slightly tempered by a shortage of deals in regional cities, which continues to subdue the overall office market activity for the whole UK.