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Morgan Pryce, London’s commercial property agent, has gradually been observing many reputable companies moving into offices in the City. Insurance broker Jardine Lloyd Thompson (JLT) has recently completed a deal to locate to The St. Botolph Building in the City. This building, designed by the internationally renowned architects, Grimshaw, is one of the largest new developments in the City, comprising over 500,000 square feet of high-specification and flexible office space.
Jardine Lloyd Thompson is now resident at The St. Botolph Building alongside law firm Clyde & Co, which occupies 136,000 square feet, and insurance broker Lockton Associates, which occupies 84,000 square feet.
JLT’s letting of the space at The St. Botolph Building is the largest in London’s financial districts in terms of space so far this year. Other significant City moves include: the Financial Ombudsman Service’s 165,000-square-foot letting in August of MGPA’s Exchange Tower in Docklands, E14; and the Prudential Regulatory Authority’s 150,000-square-foot letting at 20 Moorgate, EC2, the lease for which was also signed in August.
‘’I only need to look at my diary to see evidence that buildings and offices in the City never fail to attract at least three viewings per week’’ comments John Eden, of Morgan Pryce. He adds, ‘’Over the months I have seen more and more large companies taking up office space in the City’’.
Total returns improve
UK commercial property total returns improved in October by a modest 0.4% against September’s 0.2% return.
All Property capital values also showed some improvement, with the decline slowing to just 0.1% compared with the fall in September of 0.3%. However, with returns of 1.3%, it was once again Central London offices that performed best in October, reflecting capital value growth of 0.9%, and an overall year-to-date total return of 6.2%.
Matching the trend of previous months, the contrast with the market for offices in the rest of the UK was obvious. Year-to-date total returns for this sub-market were down 4.4%, while capital values have fallen 9.6% since the start of the year.
Morgan Pryce is 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.