Central London office market sees strong take up in July, says DTZ
Take up in the Central London office market in July 2014 was 1.5 million square feet, bringing the year to date total to eight million square feet, according to DTZ.
This is 17 per cent up on the same period last year.
Availability has decreased month on month throughout 2014 and currently stands at 11.3 million sq ft. This is two per cent lower than last month, 21 per cent lower than the same period last year and 31 per cent below the ten year average.
All Central London markets except the North and West fringe have seen year on year increases in take up.
The Docklands saw the biggest uptick, with 790,000 sq ft transacted over the first seven months of the year compared to 140,000 sq ft in 2013.
There were also significant year on year increases in the West End and Midtown where take up is 1.5 million sq ft and 840,00 sq ft respectively.
There were seven transactions over 50,000 sq ft in July. Two of these transactions were for City offices, two for offices in Midtown, and the remainder for space in Canary Wharf, E1 and Victoria.
“Availability across Central London has fallen month on month this year and is now 21 per cent below the same period in 2013,” says Tim Plumbe, senior director, DTZ. “Seven deals for over 50,000 sq ft completed in July alone, and eight further 50,000 sq ft plus units are under offer. The increases in the number of large transactions reflects strong business confidence.”
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