EG LONDON OFFICESLONDON
London had a cracking first quarter. Right? Well, perhaps not quite. If you strip out the mammoth Google deal at King’s Cross – which is unlikely to be repeated in Q2, or even this cycle – the market as a whole looked rather insipid. Over the next 12 pages, we take a closer look at the numbers and predict how the year might end up
MARKET IN NUMBERS
Without Google, the biggest deal was 116,000 sq ft to Liberty Syndicate Management/Liberty Mutual at 20 Fenchurch Street. Two of the top five deals were at this address. What does that say about
Offices 94,300
LONDON’S BIGGEST DEALS TOP 15 TRANSACTIONS IN Q1 (AVERAGE SIZE)
MIDTOWN
the rest of the year? The smart money says this quarter will be all about lettings at the Shard. And if the rumours are true about Murdoch’s News International and Baby Shard, then that looks likely to happen.
THE CITY
ON PREVIOUS QUARTER TO 650,000 SQ FT
43% TAKE-UP
AVAILABILITY OF 13.4M SQ FT VIRTUALLY STATIC SINCE 2012
47.5% Q1 2012 52.5% Source: EGi London Offices 8 June 2013
www.estatesgazette.com 5 1:1:1 PER SQ FT without Google, 36,900 sq ft WEST END SECONDHAND, REFURB AVERAGE NEW-BUILD RENT
TAKE-UP SPLIT UNDER CONSTRUCTION,
ON PREVIOUS QUARTER TO 560,000 SQ FT
10% TAKE-UP £47.27 0 PRELET UNDER CONSTRUCTION
DEVELOPMENT CONSTRUCTION STARTS WITH PRELETS SPEC
Q1 2013 98.8% TAKE-UP OF SPACE 5.59 £70.66 AVAILABILITY AVERAGE NEW-BUILD RENT M SQ FT PER SQ FT 1.2% 86%
TAKE-UP THAT IS SECONDHAND
WAS, THANKS TO GOOGLE THE LARGEST CONTRIBUTOR TO
FROM THE CITY IN 2012, WHICH ACCOUNTED FOR 38%
TAKE-UP AT 990,000 SQ FT OR 37%. IT TOOK THE CROWN
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