Office buildings under offer went up by 3% month-on-month in February with 3.7m square feet of London Office Space under offer.
During the course of last month, 48 Central London units of over 20,000 square feet came under offer, with 15 of these being over 50,000 square feet. The biggest office space which was under offer in February was 159,200 square feet of office space at 5 Merchants Square in London’s Paddington area.
The City was the area with the highest proportion of offices under offer, with a total of 1.4m square feet under offer. This accounted for 38% of the London total. In addition, there was also an increase in office take-up, reaching 0.6m square feet by the end of February – a 20% month-on-month increase. This trend was also seen in other parts of London with the West End and Docklands area also seeing a monthly increase in the amount of office space under offer.
In terms of completed deals, the banking and finance sector led the way, accounting for 40% of office space take-up. This was followed by the creative industries which accounted for 23% and the leisure and consumer services sector which accounted for 14% of take-up.
Our Commercial Acquisitions agent Sam Arghebant commented on the situation stating: “We have seen a significant uptake from occupiers in the serviced office sector. This has been driven from the demand by companies wishing to have the flexibility in line with their company growth/expansion. Gone are the days of uninspired, bland, traditional-style serviced offices; with much more emphasis on creative and innovative workspaces.”
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