London Office Lettings in April 2018
May 24, 2018 Leave a comment
Central London office lettings in April 2018 reached almost 800,000 sq ft from 35 mid-large size transactions (5,000 sq ft+) during the month. The April 2018 figure is broadly in line with the current monthly average of 1m sq ft.
April was characterised by 13 office deals over 20,000 sq ft, which included Berwin Leighton Paisner’s 125,000 sq ft letting at Governor’s House, 5 Laurence Pountney Hill; St James’s Place’s 57,000 sq ft pre-letting at 30 Lombard Street, EC3 and KKR’s pre-let of 57,000 sq ft at 18 Hanover Square, W1.
Professional Services topped the table of lettings by sector, underpinned by BLP and KKR deals. This was followed by business services underpinned by a number of lettings by serviced office operators. Financial services, technology and media were also well represented. Office deals ‘under offer’ in central London increased to 3.6m sq ft, and pending deal volumes are healthy in nearly all sub-markets, with over 25 deals pending.
By area, the City accounted for 54pc of the office floorspace let in April 2018 at 433,000 sq ft. The West End saw 140,000 sq ft of take-up. Midtown contributed 80,000 sq ft of lettings, plus 45,000 sq ft of Docklands deals. Current London office demand is calculated to be around 3.3m sq ft in the City and 2.7m sq ft in the West End.
The volume of grade A (newly built or refurbished office space) let during the month reached 375,000 sq ft (47% of the monthly total), as transactions for new space resumed their recent strong showing. Availability is dominated by secondhand space in all London markets.
Metropolis research is currently monitoring 635 ‘live’ London requirements, with deals for space of up to 1.8m sq ft due to sign in the next few months.
Cityoffices is working on its current ‘Skyline Survey’ in London. Further details of office scheme planning applications and consents, with scheme by scheme detail are listed on the Cityoffices.net website. Details on the report and the Cityoffices database from Andy King at andy@metroinfo.co.uk
Leading the Market – Metropolis Movers
November 12, 2018 Leave a comment
In a short departure from our normal focus on the UK office market, this week Metropolis Blog looks at the Metropolis Movers Leads Service.
Metropolis has become the biggest and best office relocation leads service through its focus on market intelligence lead research.
Unlike other lead providers Metropolis concentrates on non-published, tenant activity led research.
This means utilising hundreds of business sector reports, tapping into industry contacts, drilling deep into property sources and making full use of social media.
The experienced Metropolis team has years of experience of talking to office occupiers and is skilled at uncovering advance information of agency instructions, fit-out tendering, removal, furniture and IT contract opportunities.
Leads are written with an understanding of client needs with clear indications of size, timescale and triggers. In addition, all leads give clients multiple channels to contact the occupier, such as phone, email or Linkedin.
The weekly output of over 130 carefully researched leads is backed by a steady stream of blogs, statistics and reports on trends in the market.
Filed under Market Comment, Metropolis Market Reports, Uncategorized Tagged with clients, industry, leads, Metropolis Blog, movers, occupiers