Central London Office take up boosted by pre let activity
London, 14 December 2011 – The Central London office market witnessed a surge in leasing activity as take-up jumped to 1.1m sq ft in November, an increase of 80% on last month and marking the highest level since December 2010, according to CBRE. As a result of Aon’s completion on the pre-let of 191,700 sq ft at British Land’s Leadenhall Building, the City was the strongest performing Central London market.
Office availability also rose steadily to 15.6m sq ft, following a large quantity of second hand space coming back onto the Central London market – this represents an availability rate of 7.1%.
Digby Flower, Executive Director, CBRE said: “The strong take-up in November was down to deals completing from earlier in the year. There is still a sizable amount of space under offer which should translate into leasing activity over the next six months. Beyond this, occupiers are likely to delay taking space until there is greater clarity on the macroeconomic picture.”
Active requirements in the Central London market rose by 5 per cent in November to reach 13.1 million square feet. The West End saw the most significant leap in demand, rising by 15 per cent to 4.9 million square feet.
Key leasing transactions in November included:
•Aon Limited – 191,729 sq ft at The Leadenhall Building, EC3
•London Borough of Camden – 137,670 sq ft at Phase 3, King’s Cross Central, NW1
•Deloitte – 87,558 sq ft at Murray House, 1 Royal Mint Court, EC3
•Turner & Townsend Group – 30,196 sq ft at 7, Savoy Court, WC2