City boosts office take up in London
BOOSTEDby a surge in City office deals, central London office take-up in the third quarter rose to 2.6m sq ft, up from a low of 1.1m sq ft in the first quarter, according to new research from property firm CB Richard Ellis.
In addition, the amount of space under offer lifted to 2.4m sq ft from 1.6m sq ft in the previous quarter.
In the City, take-up of office space in third quarter of the year was 1.5m sq ft, more than double the previous quarter’s total and well above the long-term average of 1.2 m sq ft. This was the strongest quarter the industry has shown since 2007.
Kevin McCauley, head of central London research, at CB Richard Ellis, said: “The last three months has seen a marked improvement in both leasing activity and sentiment in the central London office market, particularly in the City.”
The improvement in central London leasing was buoyed by Nomura’s acquisition of 491,000 sq ft at Watermark Place and News International’s tenancy of 186,000 sq ft at 3 Thomas More Square.