NOVEMBER CENTRAL LONDON OFFICE TAKE-UP INCREASES 5% ON SAME MONTH LAST YEAR
- November office take-up in Central London increased 31% on last month, to 0.9 million square feet
- This represents a 5% increase on November 2018 take-up
- Banking and finance accounted for the largest proportion of take-up in November, with the sector representing 31% of total
Central London office take-up in November rose by 31% on October 2019 and by 5% on the same month last year.
The banking and finance sector drove much of this increase, with the sector responsible for 31% of take-up, most closely followed by the creative industries, representing 19% of the total. The largest deal of the month saw digital bank Monzo acquire 120,000 square feet at Broadwalk House, in the City.
Markets outside of the City remain active, with space under offer in the West End currently at a new record high level of 1.5 million square feet.
“Consistent growth in the FinTech sector has been a notable feature in the London economy over the past few years, which has converted into a surge of office take-up in the last month. Overall demand remains strong, with an evidently healthy appetite for central London office space characterising the end of the year.”