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A recent report by DTZ shows indications that take-up for offices in the City is 64% higher than at this time last year.
In terms of figures, this amounts to around 800,000 square feet, comprising in part Deloitte’s acquisition of 1 New Street Square (260,000 square feet), which is added to the 256,000 square feet of space that Deloitte already occupies at 3 New Street Square.
Other transactions include Cleary Gottlieb, a New York law firm, which is taking space for its London offices at 2 London Wall Place, of around 60,000 square feet. The move will involve a relocation from its current offices at 55 Basinghall Street.
In addition, Moor Place has gained a tenant in WeWork, which will be its fourth office location in the UK’s capital. The company rents out flexible space on flexible terms and is growing its membership and profile globally.
However, it is likely that availability of offices in London will remain slim. High demand means that space is getting snapped up quickly, leaving a supply-and-demand problem and a trend that has continued for some time. The DTZ research shows availability at its lowest level in over ten years and reducing 30% each year.
There is now 1.5 million square feet of prime office space (new and newly refurbished) available, demonstrating that supply has risen to pre-recession status, and leading inevitably to increasing rents: City prime rents are up 14% over the last two years, at an average of £62.50 per square foot. DTZ points out that these patterns look set to continue throughout the year, predicting that prime rents will reach £68.50 per square foot by the end of the year.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.