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The latest research from CBRE has established that the amount of commercial property space under offer in Central London is at a level not seen since the end of 2000.
The research was conducted across all submarkets of the capital and noted that monthly increases in take-up was seen across the board – such increases being even higher than expected given current trends. According to the report, at the end of May 2015, 4.5 million square feet were under offer, 25% higher than the month before, and 65% higher than the long-term average, at 2.7 million square feet.
The largest single unit let at the end of May was to Deutsche Bank, at 374,000 square feet at 10 Upper Bank Street. However the total number of large units (50,000 square feet or more) reached 11, CBRE found.
The legal sector was a particular presence in these statistics, involved in three of the ten largest spaces under offer. The three amounted to 485,000 square feet, more than half of which was accounted for by law firm Ashurst, at the London Fruit and Wool Exchange in the City.
The largest space under offer in the West End is to be let by Facebook, with offices at British Land-owned 338 Euston Road and amounting to 65,900 square feet.
The insurance sector was also a big player in the recent take-up figures. Three of the largest deals involved insurance firms, with the biggest space, 53,300 square feet, being let to Arthur J Gallagher.
The consequence of these trends is the lack of availability, with CBRE noting May’s available space reaching 10.2 million square feet, a third below the ten-year average availability, and CBRE also expressed the likelihood of rising rents being another consequence.
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.