Strong month for Central London
19 April 2012
Central London take-up increased by 60% in March compared with the previous month, according to the latest research by CBRE. The increase in leasing activity was seen across all central London markets other than Docklands, the agent says.
The West End once again saw the greatest volume of transactions. There was an absence of any deals over 50,000 sq ft in March, but the figures were buoyed by an unusually large number of small to medium-sized transactions. Office availability in central London fell back marginally in March from its two-year high and now stands at 16.3m sq ft.
After a sustained period of decline, the amount of space under-offer increased in March to 1.83m sq ft. This, however, still remains below the long-term trend. Emma Crawford, executive director at CBRE, said: “With 201 deals, March saw more activity than both January and February combined.
It is clear that the relatively positive macro-economic news of the past few weeks is filtering through to the market and the first increase in space under-offer this year, as well as the sustained level of active demand in the market, reinforces this sentiment.”
Key leasing transactions in March included: Push Button taking 47,560 sq ft at The Glasshouse, EC1; Savills signing for 31,023 sq ft at 33 Margaret Street, W1; and Hannover Re leasing 27,937 sq ft at 10 Fenchurch Street, EC3.