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London office space take up at three-year high | 09 July 2013

Take up of office space in London has reached their highest levels for three years, according to two new retail estate reports.

Demand for space in the city has remained strong during the second quarter of the year, according to CBRE. Boosted by some high-profile office relocations, such as Amazon’s move to Axa’s Sixty London, 1.6 million square feet was leased.

That’s a significant amount higher than the decade average of 1.2 million sq ft and is the largest take up since quarter four, 2010 when 1.87 million sq ft was recorded, says BNP Paribas Real Estate.

The recent increase has been driven primarily by companies that operate within the media, telecoms, technology and insurance sectors, cityam.com writes.

Of the latest rental agreements, three deals comprised more than 100,000 sq ft, while eight involved leasing more than 50,000 sq ft.

The biggest increase was discovered in the Southbank, where Q2’s take-up rose 40 per cent on Q1 2013. Central London also performed well, while the West End ‘remained stable’, property-magazine.eu writes.

“It is great to see such a diverse range of occupiers securing space in the City core and fringes,” commented Dan Bayley of Paribas. “The continuing growth of the TMT sector is also benefiting the City. The return of some conventional financial occupiers and new entrants from mutual societies are also contributing to these healthy figures and the outlook going forward.”

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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