Central London Fit-Out Market in 2019

Metropolis Property Research has carried out some research on the central London fit-out market in 2019.

So far this year to October 2019, there have been 380 office leases signed in central London, where the new office size has been 5,000 sq ft or more. The total London office space occupied in these medium/large deals was nearly 8.5m sq ft. There were 125 deals on newly constructed, newly refurbished or under construction office space (pre-lets). These ‘grade A’ deals have amounted to 4.3m sq ft in the first 9 months of the year. Stand out transactions included  the EBRD’s pre-let of 420,000 sq ft at 5 Bank Street, E14, BT’s 328,000 sq ft at One Braham, E1, WeWork at Churchill Place, E14, Diageo at 16/17 Great Marlborough Street, W1 and various occupiers at 22 Bishopsgate, EC2.

Among the companies winning or tendering for work on major fit-out opportunities this year were ISG (winners of the £40m Diageo fit-out in Soho), Overbury (winners of the Cooley fit-out at 22 Bishopsgate), Collins Construction (Kirkland & Ellis at 30 St Mary Axe); StructureTone (£60m WPP fit-out at Rose Court, SE1); BW (Universal Music at Kings Cross).

No 1 Fit Out Contractor – ISG. ISG has been ranked as London’s No 1 fit out contractor again (consistent with previous surveys). This is 28% market share amongst the named TOP 10 firms.

No1 Fit Out Architect – Gensler. Gensler topped the list this times with a 17% market share.

No 1 Interior Project Manager – Gardiner & Theobald is London’s No 1 project manager on interior fit out projects.  This is 20% market share amongst the named TOP 10 firms.

No 1 Tenants Agent – CBRE. CBRE has been ranked as London’s No 1 tenant agent

Looking ahead, there remain medium/large London office requirements of up to 7.5m sq ft, which could come to fruition over the next two years, with new requirements being added weekly. There is currently over 12m sq ft of London office space under construction, with over 7m sq ft available to let. From past experience, some 50% of this demand could sign for space in newly constructed, or newly refurbished London office space which will continue to present a substantial number of opportunities for 2020.

 

Paul Ives, Metropolis and Apollo Business Research

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

ISG wins £32m refurb

Retailer Arcadia has appointed ISG as main contractor and started a £32m refurbishment of its UK headquarters at Colegrave House, 70 Berners Street, London, W1. The phased fit-out of five floors of its existing office space, covers 14,400 sq m (155,000 sq ft) includes a new reception area on the ground floor. The project will be carried out in phases to allow staff to remain in the building for the duration of the project and is scheduled for completion in summer 2015.