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Busy August for Central London office leasing market

Digby Flower, Head of Central London Agency, CB Richard Ellis, said: “August was a busy month for leasing deals and under-offers continue to remain healthy at 2.9m sq ft.”

While take-up in the City remained broadly flat at 313,000 sq ft, in the West End it rose 22 per cent to 278,100 sq ft.

Key leasing transactions in August were:
• International Law Firm, Trowers & Hamlin – 95,500 sq ft at 3 Bunhill Row, EC1
• Business and Technology Consultancy, Detica – 40,000 sq ft at 110 Southwark Street,SE1
• Investment Bank, Evercore Partners – 34,700 sq ft at Stanhope Gate, W1.

Another increase in new space under construction meant that overall supply in Central London rose a further 2 per cent in August, now sitting at 14.1m sq ft. As a result, the overall availability rate rose to 6.4 per cent from 6.3 per cent the previous month. Supply rose in all but one of the five main Central London markets – City, West End, Southbank and Docklands with only Midtown showing a fall.

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