LEGAL SECTOR DRIVES CENTRAL LONDON OFFICE TAKE-UP IN FEBRUARY
- Law firm Linklaters’ deal represents biggest Central London transaction of 2020
- Legal sector active ended month at record high
Central London office take-up was dominated by the legal sector in February, with law firms responsible for 66% of the total, according to the latest data from global real estate advisor, CBRE. The largest transaction of the month was also attributed to the legal sector, with Magic Circle firm, Linklaters, signing on 318,800 sq ft at 20 Ropemaker Street, EC2.
Furthermore, legal sector active demand ended the month at 1.7million sq ft, a record high for this occupier group.
Across all occupier sectors, office space under offer reached just over 3.4million sq ft in February, 8% higher than the 10-year average of 3.2million sq ft.
“The strength in Central London legal demand, driven by a number of significant lease events in 2023-2026, has been well documented. No doubt there will be a pause in activity in the wake of COVID-19, however, we are aware that some of these requirements are continuing to progress, which should translate into some much-needed positive news later in the year.”