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West End office take-up booms

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11th Oct 17 9:53 am

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Office take-up in London’s West End market in September 2017 reached 857,259 sq ft (79,639 sq m) – bringing total take-up in the third quarter to 1.62 million sq ft (150,498 sq m), the highest quarterly total on record, according to international real estate advisor Savills.

Leasing activity in Q3 2017 brings total take-up year to date, to 3.99 million sq ft (370,671 sq m), already surpassing 2016’s total annual take-up (3.97 million sq ft) and placing the West End in good stead to exceed the record 4.3 million sq ft (399,470 sq m) amassed in 2015.

Key deals include: Aegis pre-letting the entire 310,000 sq ft (28,799 sq m) at British Land’s 1 Triton Square; The Boston Consulting Group pre-letting 123,500 sq ft (11,473 sq m) at 80 Charlotte Street and Spotify acquiring 104,133 sq ft (9,674 sq m) at The Adelphi.

Ed Betts, joint head of the West End office agency team at Savills, comments: “Whilst we can’t ignore the serendipity of all of these deals happening this quarter, it is a stellar quarter of leasing activity nonetheless and reiterates again what a robust and attractive market the West End is.

“Tech & media occupiers remain the most active as they continue to commit to new offices and expand within our market, yet meanwhile the rate of growth we have seen from serviced office operators – both those that are new to the market and those already established – shows no sign of abating. Together these sectors compliment the ongoing desire from professional and more traditional businesses that have long chosen to reside in London’s West End. ”

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