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Take-up of office space in Central London has increased by 30% to £3.3m sq ft in Q2 of 2017 – circa 6% above the 10-year average.
Demand and take-up has been consistent across Central London, with take-up in the City, West End and Southbank increasing. Co-working providers have also been instrumental in the growth in take-up, with two of the largest deals coming from American giant, WeWork; 283,500 sq ft pre-let at 2 Southbank Place, alongside the 141,200 sq ft letting of 125 Shaftesbury Avenue.
Eugene O’Sullivan, Managing Director at tenant representation specialist Morgan Pryce, believes; “The increased take-up shows the strength of the London office market. The last 18 months have been an uncertain period for the UK, however the London market has come through, with take-up above the 10-year average. Morgan Pryce has been achieving robust financial deals for clients across Central London, with rent-free periods and rental reductions at their highest levels for several years – it is a strong market if you are an occupier.”
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.