Metropolis Office Movers in March 2018

Metropolis ran 621 business leads on ‘office movers’ in March 2018. If all reported moves were added together the total would exceed 20 million sq ft of office searches and transactions, researched by Metropolis’ unique market led intelligence research team. London was the largest region with 275 business leads during month, but there were also strong showings from the South East (72),  North West (44), Yorkshire (43) and Scotland (26) .  Financials services were the largest business sectors planning relocations or agreeing moves during the month.

The business leads covered the whole UK and provided details of the size of the office occupier, company likely move dates, a description of the reasons for the move, its business sector and full contact details including an address for written inquiries, at least one telephone number and in most cases an email address. Some of the largest planned moves and top picks amongst the 621 March leads, included those on occupiers Bank of America, Cleveland Clinic, BT, Morgan Stanley and PWC.

The March 2018 leads included 160 ‘identified requirements’, including 81 in London. Which means that the company confirmed to researchers that it has current or future plans to search for alternative office space. Of these 156 searches, 102 were new office searches, not previously notified to clients.

The most recent research also included 198 ‘potential movers’ which were mainly longer-term leads on occupiers, considering a relocation, but the occupier has yet to make a final decision on whether to search.

Most of the remaining stories covered companies that have just signed for new office space and have set a move date, including some large pre-lets and companies inviting tenders for fit-out contracts. The shortest planned move date is just over a month away, whilst the longest was late 2020.

Recent research by Metropolis concluded that a conservative estimate of ‘live’ business tender opportunities on the database in recent months, exceeded £1bn of business.

If you would like some information on flexible Metropolis subscription packages, then please email Andy at andy@metroinfo.co.uk

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Central London office lettings in November 2017

Central London office lettings in November 2017 reached a healthy 1m sq ft of deals from 40 mid-large size transactions (5,000 sq ft+) during the month. The November figure matches the current monthly average of 1m sq ft .

October was characterised by 17 office deals over 20,000 sq ft, which included Lloyd Bank’s 117,000 sq ft letting at 125 London Wall, EC2, Hyperion’s 115,000 sq ft letting at Creechurch Place, EC3; WeWork took 90,000 sq ft at 131 Finsbury Pavement, EC2 and GAM took 42,000 sq ft at 8 Finsbury Circus, EC2.

Business Services topped the table of lettings by sector, underpinned byWeWork deals. This was followed by financial services with the large deals involving Lloyds Bank, GAM and Blue Crest.  Insurance and Media also performed well, helped by the lettings to Hyperion and Moonpig. Office deals ‘under offer’ in central London fell slightly to 3.4m sq ft and pending deal volumes are healthy in nearly all sub-markets.

By area, the City accounted for 57pc of the office floorspace let in November at 563,000 sq ft. The West End saw 235,000 sq ft of take-up, underpinned by WeWork. Midtown contributed 132,000 sq ft of lettings, although there were no significant Docklands deals. Current London office demand is calculated to be around 3.1m sq ft in the City and 2.8m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 661,000 sq ft (66% of the monthly total), as transactions for new space resumed their recent strong showing.

Metropolis research is currently monitoring 635 ‘live’ London requirements, with deals for space of up to 1.9m sq ft due to sign in the next few months.

Cityoffices and Metropolis  has produced its latest London Skyline report for Q4 2017. The report contains details of new office schemes under construction, demolitions underway and projections for future construction. Further details of 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

Metropolis Xmas Quiz Answers

Metropolis Xmas Quiz Answers

1. Deutsche Bank
2. 1400
3. 12.6m sq ft
4. 75%
5. £135 psf
6. 95
7. Clyde & Co
8. 170
9. ISG
10. 11m

Merry Christmas to all Metropolis Office Market Blog readers !

January Round Up

Metropolis ran 583 ‘movers’ in the month of January 2017, which if all moves were added together would account for 3.2 million sq ft of office transactions, researched by Metropolis’ unique market led intelligence team. London was the largest region with 270 leads, but there were also strong showings from the South East, Scotland and Yorkshire

The business leads covered the whole UK and provided details of the size of the office occupier, its likely move dates, a description of the reasons for the move, its business sector and full contact details including an address for written inquiries, at least one telephone number and in most cases an email address.

The January 2017 leads included 158 ‘identified requirements’. Which means that the company confirmed to researchers that it has current or future plans to search for alternative office space. Of these 158 searches, 105 were new office occupiers, not run on the database before.

This month’s batch also included 150 ‘potential movers’ which mainly described conversations with occupiers which are considering a relocation, but have yet to make a final decision on whether to search.

Most of the remaining stories covered companies that have signed for new office space and have set a move date, including some large pre-lets and companies inviting tenders for fit-out contracts. The shortest move date is just over a month away, whilst the longest was January 2020.

If you would like some information on flexible Metropolis subscription packages, then please email Simon at simon@metroinfo.co.uk

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Cityoffices.net, the sister property leads service to Metropolis, saw a further 25 stories posted this month covering new development opportunities planning applications, consents, construction starts and development teams. The database now covers over 200 office schemes in the pipeline for construction starts in 2017-2020.

For more information on Cityoffices, email Andy at andy@metroinfo.co.uk