Central London Office Lettings March 2015

Central London office lettings rose in March 2015 to just over 1.25m sq ft sq ft of transactions in 75 deals during the month.

The month was characterised by a return of the large deals, with the 260,000 sq ft pre-let to Deloitte at New Street Square, EC4, the 61,000 sq ft letting to Investec at 30 Gresham Street, EC2 and the 52,000 sq ft letting to Deutsche Bank at the Willis Building, EC3. Other large lettings included deals to Tag Worldwide, Instant Offices and Expedia.

Professional services and financial sectors topped the table of lettings by sector, helped by the Deloitte and Investec deals, followed by computer/IT and business services. The financial sector has the largest share of the 3m sq ft of space currently under offer which is likely to convert into deals in the months ahead. There has also been a noticeable surge in new requirements being launched in the London market.

By area, the City accounted for over half the deals (43) and 51pc of the floorspace let in the month, while Docklands saw nearly 100,000 sq ft let in just three deals to financial companies.

The volume of grade A (newly built or refurbished office space) let during the month increased to over 460,000 sq ft as transactions for newly developed or refurbished space rose again.

Metropolis is preparing a spring 2015 report on office space just completed and under construction in London based on its extensive database of planned office schemes.

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Central London Office Lettings 2014

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Best Year For Deals Since 2007

Metropolis has recently published its latest client newsletter, this month a special report on central London office lettings in 2014. Highlights include:

– Central London deals hit 12.8m sq ft, up 5% on 2013 take-up
– 14 deals were over 100,000 sq ft
– Metropolis is tracking over 700 central London office requirements
– Just over 2m sq ft currently under offer

The newsletter was provided exclusively to Metropolis clients. If you are interested in finding out how Metropolis could help your company win new business please visit us at http://www.metroinfo.co.uk.

London Deals Hit New Heights

Central London office lettings in September 2014 reached 1.3m sq ft in 53 medium or large deals, representing a bounce-back after the traditionally slower August deals month.

The yearly total has reached 11m sq ft already and a 15m sq ft total for 2014 is not out of the question. September was characterised by large lettings to Amazon, Parliamentary Standards Authority and Jupiter Asset Management amongst others.

The retail, professional and financial sectors topped the table of lettings by sector. By area, the City accounted for 74pc of the deals, helped by the large Amazon pre-let. Victoria was boosted by a number of large deals.

The volume of grade A (newly built or refurbished office space) let during the month topped 800,000 sq ft and matches the momentum of new space lettings from earlier in the year.

A survey out this week from Knight Frank reveals that demand from companies looking for London offices has reached a 14 year high, with many requirements from non-traditional sectors. To underline this there are now over 750 active London requirements on the Metropolis database and a further 2-3m sq ft of potential requirements in the pipeline.