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According to data from leading real estate advisor CBRE, office space under offer in London rose by 3% in February to 3.7 million sq ft. This is markedly ahead of the 10-year average of 2.8 million sq ft and represents an impressive year-on-year increase of 76%.
At the end of the month, there were 48 units and more than 20,000 sq ft under offer across Central London, 15 of which were over 50,000 sq ft.
Meanwhile, take up in February increased by 20% to 0.6m sq ft. The largest transaction of the month was SMBC’s acquisition of 161,200 sq ft at 100 Liverpool Street, meaning the banking sector saw the largest proportion of take up in February at nearly 40%, with the creative industries and leisure sector coming second and third at 23% and 14%, respectively.
Eversheds Sutherland City real estate partner Nick Bartlett has confirmed that demand remains high, explaining; “The market feels quite buoyant, there is a lot of demand from both occupiers and would-be purchasers. The buildings we have been involved in have been recently constructed by investors, leased up very quickly by occupiers and sold on to long-term investors. It feels like there is quite a lot of movement in the market and deals are being done.”
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.