Central London office space under offer reached 4.3m square feet during the course of Q2 2018, this is the highest quarterly level since Q3 2000.

The amount of Central London office space under offer saw an increase of 39% over the course of the second quarter of 2018. Additionally, for the sixth quarter in a row, the amount of office space under offer remained above the 10-year average of 2.9m square feet.

The single largest unit under offer at the end of Q2 is for 404,600 square feet in Kings Cross at 11/21 Canal Reach. Here at Robert Irving Burns we are very familiar with this property, having successfully sold the freehold for the Canal Reach Development in 2015. In addition, there has been a 4% increase in take-up of Central London office space in Q2 reaching 3.5m square feet. This means that the total office take-up in H1 of 2018 exceeded take-up during H1 2017 and was also higher than the 10-year average.

There has been significant demand from serviced office providers in this time with 698,000 square feet of office space being taken up during the second quarter of 2018. The largest of these 21 deals was a 131,000 square foot letting to WeWork at Aviation House in Kingsway. This was one of three transactions over 100,000 square feet during the second quarter which also included the Chinese Embassy’s owner-occupier acquisition of Royal Mint Court.

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