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The West End market saw a huge surge in office space being put under offer in May 2017, reaching a record-breaking 1.4 million sq ft, further increasing the amount of space in the early stages of acquisition in Central London to an impressive 37% above the 10-year average.
Large acquisitions at 21 Moorfields and 2 Southbank Place have increased the total across the capital, however the West End is experiencing vast take-up over a range of size requirements.
Eugene O’Sullivan, Managing Director at tenant representation specialists Morgan Pryce, says; “The take-up in the West End highlights the strength of the market. Take-up in the Central London market is healthy, with a glut of space available across the capital.”
“The City has seen a vast amount of space coming onto the market, and as such, incentives have pushed out. However, this is also occurring in the West End – and we may see yet more take-up at the tail end of 2017.This year, Morgan Pryce has completed on a number of spaces across the West End, and have negotiated healthy financial and lease term packages.”
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.