Mid town office update 11th October 2012

With take-up increasing by 48% to 543,000 sq ft and just 84,000 sq ft of new or refurbished space delivered to London’s Midtown market in Q3, occupiers will have only a short time to secure the best space, according to Farebrother.

The Midtown specialist’s latest quarterly research found that Derwent London’s 100,000 sq ft 40 Chancery Lane was the only scheme to start in Q3. The pipeline of new or refurbished space will run dry after Q3 next year, it says, with Derwent’s scheme being the next completion over a year later.

Julian Hind, head of leasing, sales & development, said: “We project Midtown take-up to exceed 1.6 m sq ft by the end of the year. It is only secondhand space and the ‘hidden’, off-market supply we are aware of that can continue to meet demand, as new or refurbished stock is so scarce.”