According to research by Cushmans & Wakefield, the first quarter of 2015 was London’s busiest since before the financial crisis in 2008, with record breaking rental levels agreed for office space in the West End, arguably for exceptional quality offices. We’ve updated our definitive London office rental guide with rent increases across the board reflecting the ongoing imbalance between restricted supply and burgeoning demand.
Tenants acquired almost 2.5M ft2 of space across the centre of the capital and the biggest growth area was the midtown area of the City where in a huge single letting deal, Deloitte agreed a 270,000 ft2 pre- let (agreement for lease prior to a building being completed) at 1 New Street Square, EC4.
In the West End an acute supply shortage has compressed vacancy rates to 2.4% and the Nahmad family office have reportedly shattered rental records in St James’s, taking a new office at 8 St James’s Square at £185.00 per ft2!
Here at Find a London Office, we have had a very busy quarter and are continuing to dig deep to find the right office space for our clients. We’ve noticed that tenants’ requirements are becoming much more mobile. But in our experience companies are still rightly demanding quality space with great communications.