ptimism Heron Tower T
The Walbrook Building Despite a lacklustre first quarter, a
number of City buildings (pictured) have seen significant deals
8 June 2013
his year got off to a rocky start in the City office market, with quarter one take-up down by 43% on the same period last year, but there already seems to be a significant turnaround in Q2. Agents and landlords are both feeling more optimistic
about the rest of the year. The sort of deals that are fuelling that
optimism include the mid-May deal that saw British Land and Oxford Properties exchange contracts with Amlin for an 111,000 sq ft letting at the Leadenhall Building. For Paul Burgess, British Land’s head of London leasing, this underlined an increasing optimism about the rest of the year. “What we are seeing are signs of occupier demand in the market and certainly we are seeing an increase in the deals being done. I think people realise that the City offers good value when compared with the West End,” he says. This is reflected in a number of
sizeable requirements as well. Also in May, for example, M&G, the Prudential- owned financial services giant, appointed Knight Frank to find as much as 300,000 sq ft in the City core. Thompson Reuters’ 150,000 sq ft requirement is now with Cushman & Wakefield, while Aviva wants to stay in the City but move out of its office at 1 Poultry. And since February, Rabobank has been on a search for as much as 100,000 sq ft of space. Even the recruitment agencies confirm
www.estatesgazette.com 23
After a slow start to the year, positivity is returning to the City office market. By David Harris
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