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SPOTLIGHT ON INSURANCE 26 The rise and fall of insurance occupiers in the capital
ur cover picture, taken just over two weeks ago, shows a City skyline firmly taking on a new shape that reflects market sentiment – cautious optimism. After a particularly tough
couple of years and a sluggish start to 2013, new buildings that have lain empty for two years are seeing leasing activity (City, p22). The two new towers under construction in the city
– Land Securities’ and Canary Wharf Group’s Walkie Talkie and British Land’s and Oxford Properties’ Cheesegrater – are now 50% let ahead of completion next year (Infographic, p30). But squint west towards the horizon and cautious optimism isn’t a phrase many will dare use about the West End market. Headline-busting rents of more than £100 per sq ft mask patchy demand and a diminishing supply that is pegging back take-up figures (West End, p8). Indeed, occupiers with chunkier requirements that would have traditionally been landed by West End landlords seem to be settling for the cheaper rents of western city fringes. As we approach the midway point of
2013 sentiment, like the skyline, is a tale of two cities.
OFFICES DATA PAGE 5 EG takes a closer look at the figures for Q1 2013 and makes predictions for the year ahead
WEST END 8
Mismatched expectations lead to fewer deals DEALS 16
Small deals are driving West End take-up
CITY 22 Optimism returns to the office market
RESIDENTIAL 32 The City hints it could be finally sweet on housing, while institutional investors head to the suburbs
EMBASSY QUARTER 36 Is Nine Elms on South Bank lining itself up to be the new Belgravia?
LONDON FORUM 40 EG asks the London Forum if confidence in the economy can translate into deals in 2013
LAST WORD 42 After a tough first quarter, the City Core is leading the way with a spate of deals
STACEY MEADWELL REGIONAL EDITOR EG
LONDON Editor Stacey Meadwell 020 7911 1819 8 June 2013
Advertising sales manager Jonathan Lister 020 7911 1757
www.estatesgazette.com 3
08.06.13
COVER PHOTOGRAPH BY JASON PHOTOGRAPHY
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