London office latest 13th December 2012

The central London office market saw heightened levels of take-up in November as the largest occupational deal since December 2010 completed, according to the latest research by CBRE.

Take-up in central London in November increased by 48% compared with the previous month, boosted by the 276,300 sq ft letting to insurance company Jardine Lloyd Thompson at The St Botolph Building, EC3. Other than Midtown, all central London markets saw increases in take-up. The City saw the largest volume of transactions (565,800 sq ft) followed by the West End (315,600 sq ft).

Availability increased to 16.47m sq ft in November with the vacancy rate rising to 5.5%. As a result of the completion of an unusually high number of large deals, (there were 10 deals over 20,000 sq ft across central London in November) under offers fell by 12% to stand at 2.44m sq ft.

Emma Crawford, executive director, at CBRE said: “The high levels of take-up seen in November provides cause for optimism in the backdrop of continued bleak economic news. Looking ahead, we expect demand to remain high in Central London driven by an upcoming peak in lease events.”

Key leasing transactions in November 2012 included: Jardine Lloyd Thompson – 276,300 sq ft at The St Botolph Buidling, St Botolph Street, EC3 LinkedIn – 45,600 sq ft at Castlewood House, 77/91 New Oxford Street, WC1 Lane Clark & Peacock – 40,000 sq ft at 95 Wigmore Street, W1