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Central London office lettings in May 2017
29-06-2017

Central London office lettings in May 2017 recorded just over 600,000 sq ft of deals from 40 mid-large size transactions (5,000 sq ft+) during the month.

The May figure represents a fall on the 800,000 sq ft sq ft of lettings in April, but the number of deals remains close to recent the monthly average.

May was characterised by six office deals over 20,000 sq ft, which included Hearst Publishing's 71,000 sq ft deal at the LSQ Building in Leicester Square, WC2: WeWork took 70,000 sq ft at 1 Mark Square in London, EC2; Man Group taking 41,000 sq ft at 90 Upper Thames Street, London, EC4 and Petrochina taking 35,000 sq ft at the Adelphi Building in WC2.

Media topped the table of lettings by sector, underpinned by the Hearst Group deal, this was followed by business services bouyed by the serviced office sector and financial services with large deals involving Man Group and Hambro. Retail also performed well, helped by the lettings to Crabtree and Deliveroo. Office deals 'under offer' in central London rose to 3.6m sq ft and volumes are rising in nearly all sub-markets.

By area, the City accounted for 50pc of the office floorspace let in May at 300,000 sq ft - similar to the April level. The West End saw 90,000 sq ft of take-up. Midtown contributed 167,000 sq ft of lettings. Current London office demand is calculated to be around 3.2m sq ft in the City and 3m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 150,000 sq ft (25% of the monthly total), as transactions for new space paused from the recent strong showing.

Cityoffices and Metropolis are shortly to release its twice yearly Skyline report on the London office construction market. The summer report features details of the 100 schemes under construction and the trends for the next wave of schemes. Details on Cityoffices from Andy King at andy@metroinfo.co.uk

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April 2017 Central London Lettings
26-05-2017

Central London office lettings in April 2017 recorded nearly 800,000 sq ft of deals from 41 mid-large size transactions (5,000 sq ft+) during the month.

The April figure represents a fall on the 1.05m sq ft sq ft of lettings in March, but remains close to recent the monthly average.

April was characterised by 13 office deals over 20,000 sq ft, which included Nex Group's 111,000 sq ft sublet at Fruit and Wool Exchange: Wither's 60,000 sq ft pre-let at 20 Old Bailey in London, EC4; BUPA taking 56,000 sq ft at Angel Court Tower, London, EC2 and Equinix taking 29,000 sq ft at the Pepper Store in EC2.

Financial services topped the table of lettings by sector, underpinned by the Nex Group deal, this was followed by business services bouyed by the serviced office sector and professional services with large deals involving Withers and DLA Piper. Property and construction also performed well helped by the lettings to M7 Real Estate and Sir Robert McAlpine. Office deals 'under offer' in central London rose to 3m sq ft and volumes are rising in nearly all sub-markets.

By area, the City accounted for an improved 57pc of the office floorspace let in April at 440,000 sq ft - 50% up on the March level. The West End saw 160,000 sq ft of take-up. Midtown contributed 130,000 sq ft of lettings. Current London office demand is calculated to be around 3m sq ft in the City and 3m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 469,000 sq ft (60% of the monthly total), as transactions for new space maintained their recent strong showing.

Cityoffices and Metropolis are shortly to release its twice yearly Skyline report on the London office construction market. The summer report features details of the 100 schemes under construction and the trends for the next wave of schemes. Details on Cityoffices from Andy King at andy@metroinfo.co.uk

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March 2017 London Lettings
21-04-2017

Central London office lettings in March 2017 recorded nearly 1.05m sq ft of deals from 64 mid-large size transactions (5,000 sq ft+) during the month.

The March's figure represents a rise on the 905,000 sq ft of lettings in February, and brings the Q1 2017 total upto nearly 2.6m sq ft of market activity, close to the recent average.

March was characterised by 13 office deals over 20,000 sq ft, which included Cancer Research's 100,000 sq ft pre-let in Stratford: the Amazon's 89,000 expansion at Principal Place in London, E1; ITV taking 88,000 sq ft at Waterhouse Square, WC1 and HSBC taking 31,000 sq ft at 71 Queen Victoria Street, EC4.

Tech and IT services topped the table of lettings by sector, underpinned by the Amazon deal, this was followed by the charity sector, headed by the Cancer Research transaction and media with large deals involving ITV and Buzzfeed. Business services also performed well helped by the lettings to Instant Offices and The Space. Office deals under offer in central London remain at 2.1m sq ft.

By area, the City accounted for an improved 40pc of the office floorspace let in March - a doubling of the February level. The West End saw 220,000 sq ft of take-up. Midtown contributed 140,000 sq ft of lettings. Current London office demand is calculated to be around 3.5m sq ft in the City and 3.2m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 243,000 sq ft (23% of the monthly total), as transactions for new space maintained their recent strong showing.

Cityoffices and Metropolis are shortly to release its twice yearly Skyline report on the London office construction market. The Q1 report features details of the 100 schemes under construction and the trends for the next wave of schemes. Details on Cityoffices from Andy King at andy@metroinfo.co.uk

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February Take-Up Soars
30-03-2017

Central London office lettings in February 2017 recorded 905,000 sq ft of deals from 54 mid-large size transactions (5,000 sq ft+) during the month.

The February figure represents a big rise on the 567,000 sq ft of lettings in January, to a more normal level of market activity.

February was characterised by 9 office deals over 20,000 sq ft, which included the Expedia's 136,000 expansion at the Angel Building in London, EC1; Arup pre-let 133,000 sq ft at Derwent London's under construction 80 Charlotte Street, London, W1 development which is due to complete around June 2019 and Office Group took 70,000 sq ft at 84 Eccleston Square, London, SW1. Pre-lets have accounted for over 35% of 2017's take-up to date.

Tech and IT services topped the table of lettings by sector, underpinned by the Expedia deal, this was followed by property services with large deals involving Arup and Kier Property. Business services also performed well helped by the letting to the Office Group. Office deals under offer in central London stayed at 2.1m sq ft, including a large pending deal at 28 Chancery Lane, WC2.

By area, the City accounted for a modest 21pc of the office floorspace let in February - a fallback even from the 34pc in January. The West End saw an exceptional 450,000 sq ft of take-up. Midtown contributed 220,000 sq ft of lettings more than the City. Current London office demand is calculated to be around 3.5m sq ft in the City and 3.2m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached an impressive 500,000 sq ft (55% of the monthly total), as transactions for new space maintained their recent strong showing.

Metropolis has just released its eagerly awaited London Fit-Out report for 2017. Details from Andy King at andy@metroinfo.co.uk

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London Office Deals - January 2017
09-03-2017

Central London office lettings in January 2017 recorded 567,000 sq ft of deals from 35 mid-large size transactions (5,000 sq ft+) during the month.

The January figure represents a fallback from the exceptional 1.8m sq ft of lettings in December as a more normal level of market activity resumed.

January was characterised by 9 office deals over 20,000 sq ft, which included the McKinsey's 97,000 sq ft pre-letting of the under construction Post Building in London, WC1; COS Stores (H&M) took a 60,000 sq ft pre-let at the also under construction 1 New Oxford Street, WC1 and Antares Underwriting took 31,500 sq ft at 21 Lime Street, EC3.

Professional services topped the table of lettings by sector, underpinned by the McKinsey deal, this was followed by IT services with large lettings to Nexmo amongst others. Retail also performed well helped by the letting to the H&M. Office deals under offer in central London stayed at 2.1m sq ft after the stream of completed deals.

By area, the City accounted for a modest 34pc of the office floorspace let in January - a fallback even from the 44pc in December. The West End saw 150,000 sq ft of take-up. Midtown contributed 195,000 sq ft of lettings as much as the City. Current London office demand is calculated to be around 4m sq ft in the City and 3m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached an impressive 306,000 sq ft (54% of the monthly total), as transactions for new space maintained their recent strong showing.

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Central London Office Lettings – December 2016
20-01-2017

Central London office lettings in December 2016 recorded over 1.8m sq ft of deals from 73 mid-large size transactions (5,000 sq ft+) during the month.

The December figure represents a rise of 58% from the 1,050,000 sq ft total in November and was the highest monthly total of the year.

December was characterised by 19 office deals over 20,000 sq ft, which included the GPU's 536,000 sq ft letting of 20 Cabot Square, E14; Financial Times took 182,000 sq ft at Bracken House, EC4 and Barings took 109,000 sq ft at 20 Old Bailey, EC4.

Public services topped the table of lettings by sector, underpinned by the GPU deal, this was followed by financial services with large lettings to Barings, Argus and Marubeni. Media also performed well helped by the letting to the Financial Times. Office deals under offer in central London fell to 2 m sq ft after the stream of completed deals.

By area, the City accounted for 44pc of the office floorspace let in December - a fallback from the 78pc in November, but the 800,000 sq ft of transactions was still a healthy level. The West End saw 300,000 sq ft of take-up. Midtown contributed 165,000 sq ft of lettings, Southbank contributed 60,000, but Docklands saw 550,000 sq ft in four new leases. Current London office demand is calculated to be around 4m sq ft in the City and 3m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 408,000 sq ft (23% of the total), as transactions for new space kept up a steady pace.

Take-up in central London for 2016 reached 11m sq ft, as predicted by Metropolis and Cityoffices. Some 600+ London searches remain outstanding for 2017. A more in depth report to follow for clients.

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A Scheme A Day
06-01-2017

The Cityoffices.net website brought subscribers one of the best years yet for London office scheme leads with over 250 leads published between January and December 2016 - equivalent to one scheme per working day during the year.

More than 36m sq ft of London office space was either applied for, given consent or went under construction during the year and all was reported on Cityoffices.

Some of the more high profile schemes included: - Canary Wharf at North Quay, E14; - Axa Reim at 22 Bishopsgate, EC2: - Wilmar International's 'Number One Tower' at Undershaft, EC3;

And at the other end of the scale 25 refurbishments and small office projects under 20,000 sq ft.

Cityoffices brought contact details for hundreds of players involved each scheme. Starting from the investor/landlords to subsequent planning advisers, architects and eventually project managers, structural, services and property consultants.

Cityoffices brought subscribers timescales for each project, details of site visits and photos for many. In addition, Cityoffices brings details of scheme lettings to incoming tenants and details of pre-lets of space in schemes still under construction.

Cityoffices now has an archive of London projects stretching back to 1998 with all data is set out in an easy to use interactive website complete with weekly news, graphs and analytical tools.

Cityoffices also covers regional markets in Bristol, Birmingham, Leeds, Manchester, Glasgow and Edinburgh.

If you would like to know more about becoming a subscriber in 2017 simply email Andy King at andy@metroinfo.co.uk with 'Cityoffices' in the subject line.

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November London Letting and Merry Christmas
21-12-2016

Central London office lettings in November 2016 recorded nearly 1,050,000 sq ft of deals from 45 mid-large size transactions (5,000 sq ft+) during the month.

The November figure represents a rise of 17% from the 900,000 sq ft total in October and a rise in the number of office deals over the month.

November was characterised by 10 office deals over 20,000 sq ft, which included Freshfield's 300,000 sq ft pre-let at 100 Bishopsgate, EC2; Fidelity took 105,000 sq ft at 4 Cannon Street, EC4 and WeWork took 72,000 sq ft at The South Bank Tower, SE1.

Professional services topped the table of lettings by sector, underpinned by the Freshfields deal, along with big lettings to Olswang and Nabarro, followed by the financial sector, boosted by deals to Fidelity and EQT. Business services also performed well helped by more lettings to WeWork. Office deals under offer in central London fell slightlt to 2.5m sq ft after deals in the City and one in Southbank.

By area, the City accounted for only 78pc of the office floorspace let in November - a big increase on the 18pc in October. The West End saw 70,000 sq ft of take-up. Midtown contributed 20,000 sq ft of transactions, but Southbank again performed well with 70,000. Current London office demand is calculated to be around 4m sq ft in the City and 3m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached a remarkable 800,000 sq ft (76% of the total), as transactions for new space kept momentum.

Take-up in central London for January to November 2016 has so far reached 9.4m sq ft with December to come. With two or three large lettings pencilled in the yearly total could touch 11m sq ft.

Cityoffices wishes all its readers a Merry Christmas and prosperous New Year.

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London Office Developments - Skyline Survey Winter 2016
14-12-2016

Cityoffices has just published a special “Skyline” Survey of the central London office development market for the period April 2016 to October 2016. The survey takes a snapshot of central London office construction in Q4 2016, recent completions, recent pre-let activity and looks ahead to future pipeline projects that will shape the next three years.

Highlights include:

- 109 office schemes currently under construction in central London (14.5m sq ft) compared to 78 a year ago

- 4.2m sq ft at demolition stage

- 37 scheme starts in last six months

- office completions over last six months reached nearly 2m sq ft

If you are considering becoming a Cityoffices subscriber including access to details of hundreds of office schemes in the London pipeline and would like a copy of the report please email andy@metroinfo.co.uk.

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City pre-let
02-12-2016

Freshfields Bruckhaus Deringer (FBD), the law firm, has decided to pre-let 27,870 sq m (300,000 sq ft) of offices at Brookfield Partners' under construction 100 Bishopsgate, London, EC2 tower, which is due to complete in 2018. The magic circle firm shortlisted several locations for its new headquarters earlier this year, including 70 St Mary Axe and 3 Finsbury Avenue. Cushman & Wakefield advised.

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Central London Office Lettings – October 2016
17-11-2016

Central London office lettings in October 2016 recorded over 900,000 sq ft of deals from 26 mid-large size transactions (5,000 sq ft+) during the month.

The October figure represents a rise of 26% from the 720,000 sq ft total in September and a rise in the number of deals over the month. However, much of the October total can be attributed to Apple's 500,000 sq ft pre-let at Battersea Power Station and remainder of the month was disappointing and would have been the lowest monthly take-up figure since April 2012.

October was characterised by 9 office deals over 20,000 sq ft, apart from Apple at Battersea; London Borough of Westminster took 57,000 sq ft at 5 Strand, WC2; Deliveroo took 51,000 sq ft at Cannon Bridge House, EC4 and The Economist took 25,000 sq ft at The Adelphi, WC2.

Computer services topped the table of lettings by sector, underpinned by the Apple deal, followed by media sector, boosted by deals to The Economist and Spark44. Public sector also performed well. Office deals under offer in central London edged up to around 3m sq ft and include two large pending deals in the City and one in Southbank. Enquiry levels are up slightly.

By area, the City accounted for only 18pc of the office floorspace let in October. The West End saw 100,000 sq ft of take-up. Midtown contributed 90,000 sq ft of transactions, but Southbank was predominant. Current London office demand is calculated to be around 4.5m sq ft in the City and 3.5m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 613,000 sq ft (65% of the total), as transactions for new space kept momentum.

New research currently being prepared by Metropolis and Cityoffices for a major report on London office construction, reveals that over 14m sq ft of offices are now underway in central London.

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City scheme letting
10-11-2016

Neulion, the digital and video company, is taking over 15,000 sq ft of new offices on the top floor and half the third floor at Helical's recently completed 'C Space' office scheme at 37-45 City Road, London, EC1. It is taking an 11 year lease and was advised by Knight Frank.

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City tower to go ahead
27-10-2016

AXA Investment Managers has decided to commence the construction of 22 Bishopsgate, EC2, its 1.4m sq ft office tower scheme, which was in doubt, post Brexit. AXA and Lipton Rogers expect to appoint a main contractor for the main build shortly, with work due to commence early in 2017.

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Central London Office Deals - September 2016
23-10-2016

Central London office lettings in September 2016 recorded nearly 720,000 ft of deals from 50 mid-large size transactions (5,000 sq ft+) during the month. The September figure represents a rise of 23% from the 580,000 sq ft total in August and a rise in the number of deals over the month. However the Q3 London take-up figure of just over 2.1m sq ft was disappointing.

September was characterised by 8 office deals over 20,000 sq ft, including WeWork at Aldwych House WC2; Havas at Alfred Place, WC1; Government Digital Service at the Whitechapel Building, E1 and DNV GL Group at Southbank Tower, SE1.

Professional services topped the table of lettings by sector, helped by the Havas deal, followed by media sector, boosted by deals to Time Inc and Audio Networks. Business services also performed well. Office deals under offer in central London remain around 2.9m sq ft and include two large pending deals in Midtown. Enquiry levels are up slightly.

By area, the City accounted for only 26pc of the office floorspace let in September. The West End saw 240,000 sq ft of take-up. Midtown had a good month with 170,000 sq ft of transactions. Current London office demand is calculated to be around 4.3m sq ft in the City and 3.2m sq ft in the West End.

The volume of grade A (newly built or refurbished office space) let during the month reached 293,000 sq ft (41% of the total), as transactions for new space kept momentum.

New research currently being prepared by Metropolis and Cityoffices for a major report on London office construction, reveals there over 3m sq ft of speculative office space went under construction in Q2 and Q3 2016.

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Largest pre-let
30-09-2016

Apple, the US technology conglomerate, has now signed to take 46,450 sq m (500,000 sq ft) of offices at the under construction, office element of Battersea Power Station, London, SW8. The group will move from its Hanover Street, Mayfair, London, W1 base. Occupation will be 2021, with 1400 staff moving. This is the largest office letting in London’s wider West End in 20 years.

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