4000 office moves for 2018-19

Metropolis has broken new records after 7,200 office business leads were published in 2017. If all the office space contained within those leads were added together the total would top 200 million sq ft.

Covering office deals agreed, companies searching for space, those with potential requirements and a small number of key speculative schemes, the 7,200 leads covered the whole UK from the tip of Cornwall to the north of Scotland. Office sizes ranged from 1,500 sq ft for 10 staff to Google’s new 800,000 sq ft London HQ.

Key points:

  • 2,700 company office moves confirmed to have completed in 2017;

 

  • 3,200 office moves are planned for 2018 and 890 office moves already planned in 2019 or later;

 

  • 3,000 companies, including 1,300 with ‘identified requirements’ expect to be making property decisions in 2018 and 2019;

 

IT and media services is the largest sector (800 leads) followed by financial services (600 leads) and professional, including large numbers of accountants and law firms (450 leads). Although the leads are spread over all UK regions, the size of the London office market, means that over 40% of the leads feature relocations, both scheduled and planned in central London. All leads include contact names, telephone numbers and 75% have email addresses, many of which are specific to the decision maker.

Metropolis remains the largest specialist provider of market intelligence led, office market business leads.

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

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

 

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Trends in the London Tech Market

Colliers International has just published its ‘Tech Market Monitor’ for summer 2016. The report looks at the impact of the Tech and Media sectors in London over the last five years and the current trends in the London market.

The main conclusions include:

  • London companies are becoming increasingly ‘footloose’ and are increasingly not tied to traditional London office districts;
  • Tech and Media are now the ‘key drivers’ of the London office market and the sector has seen 5.2m sq ft of moves in the last five years;
  • Tech and Media occupiers, such as Facebook (227,000 sq ft), Google (180,000 sq ft) and Universal Music (173,000 sq ft) were responsible for 26% of London office space taken in 2015;
  • The fastest growing areas include King’s Cross, Southbank and Midtown fringe (Farringdon, Aldgate, Clerkenwell and Shoreditch), with major relocations including Omnicom, Ogilvy & Mather (Southbank), Google (King’s Cross) and Amazon (Shoreditch);
  • Technological innovation is helping to drive the refurbishment and redevelopment of buildings in fringe London office districts. Apple’s decision to take up to 450,000 sq ft at Battersea Power Station is an illustration;
  • The ‘Tech City’ area in London, EC1 has seen a 90% occupation growth since 2009;
  • Tech and media occupiers are prepared to pay high prices to secure the right space and specifications;
  • Future schemes likely to attract occupiers will include: Shoreditch, specifically Helical’s The Tower, EC1 (171,000 sq ft), GPE’s 148 Old Street, EC1 (162,000 sq ft) and Derwent’s Whitechapel Building, E1 (200,000 sq ft).

Metropolis occupier research backs up these trends. Our research uncovered nearly 400 unique new London Tech and Media occupier requirements for subscribers in the last 12 months totalling 6m sq ft. Most of these companies still have ‘live’ requirements.