london offices market analysis q3 2014

london offices Market analysisq32014

city core

docklands

contentsmidtown

city fringe

The market has proved wrong last

quarterrsquos assessment of 2014 being a

good rather than spectacular year

Take-up soared in Q3 and has driven the

market to a position where the highs of

2007 and 2010 may be surpassed

CLiCk on The area name To view iTs markeT breakdown

CLiCk on The Tabs below for more in-dePTh analysis

u Overview Amazonrsquos headline-grabbing deals have boosted take-up in Q3 but such is the strength of the market that even without these deals the market would be in a strong position

u league tables All change this quarter with an unfamiliar name hitting the top of the overall table for the first time and another agent climbing by 13 places

u submarkets The City core and City fringe take the lead this quarter driving take-up for the capital with record-breaking figures

south bank

west end

CLiCk for deTailed

boundary maP

R emember 2004 The Gherkin had just opened its shiny doors the London Plan was published and something called The Facebook was registered by

an unknown Harvard student called Mark Zuckerberg City lettings were on a high and Toxic was a chart-topping song by Britney Spears that had nothing to do with debt writes Nadia Elghamry

Those good times might be on the way back with the City office market soaring Quarter three figures show lettings in the City core are at a decade high of 179m sq ft up 80 on the same time last year

The City fringe market fared even better At 868000 sq ft it had its best quarter since EGirsquos London office research began analysing the market in 2002 London as a whole secured 435m sq ft of take-up a figure that hasnrsquot been exceeded since the end of

2006 and puts the capital on a steady footing to end the year on 133m sq ft

It would be tempting to lay the success of those markets at the doors of one company Amazon Tempting but wrong The online retailing giant signed the largest deal of quarter three taking fully 527000 sq ft of office space split between 431000 sq ft at Principal Place E1 and 96000 sq ft at Leadenhall Court EC3 The deal has caused an upset at the top of EGrsquos London office league table

city deliveRs decade highLondon lettings are soaring and the City is on course for its best figures in years Have the good times returned And can they last

London Offices Delve Deeper into the Data with interactive maps the full q3 lonDon office market analysis wwwestatesgazettecomloma

q3 overviewlonDon offices market analysis

london offices maRket analysis Q32014


Delve Deeper into the Data with interactive maps the full q3 lonDon office market analysis wwwestatesgazettecomloma


AmAzon deAl propelled cushmAn amp wAkefield to top of the leAsing leAgueThe first rule about the Amazon deal is no one involved talks about the Amazon deal The large American corporate has sworn the agents to secrecy on its 527000 sq ft of lettings in the capital But the rest of the market has been watching closely

Details are scant but what the market commentators say is that the deal appeared to be swift lacking the layer of decision makers and bureaucracy often associated with a big signing But then Amazon needed to move fast having missed out in Holborn ldquoEverything they planned around that location started to unravel last Christmasrdquo said one commentator ldquoThey realised they couldnrsquot get hold of the Sainsburyrsquos building at Holborn Circus and Mizuno took 2 Ludgate and then Smithfield didnrsquot get the right call for the planning consentrdquo

The deal boosted Cushman amp Wakefield to the top of EGrsquos leasing league table ndash and will undoubtedly help in the end-of-year acquisition table ldquoThere has been a massive polarisation towards the top five [agents]rdquoadded the source ldquoIt is unprecedented and a lot of that is about global reach in terms of some of the big US mandatesrdquo

Both Cushman amp Wakefield and Allsop declined to comment

pushing JLL from the top spot and parachuting in Amazon agent Cushman amp Wakefield The shockwaves didnrsquot stop there with joint agents Allsop rocketing 13 positions (see league tables overleaf)

On paper it might look like a mega deal artificially boosted one quarterrsquos lettings but delve down into the figures and a high volume of deals rather than two or three headline deals are behind it

Factor in the Amazon deal and London as a whole had its best quarter since the

city core docklandsmidtown city fringesouth bankwest endanalysiscontents

click on THE ArEA nAME TO GO dIrECT TO MArkET BrEAkdOWn

west end to pick up the pAce

While the City roars and the City fringe finds its growl the West End sounds more of miaow Take-up in quarter three dropped 19 to 746000 sq ft compared with the previous quarter

With the large prelet to Esteacutee Lauder in quarter two it would have been difficult to maintain lettings at that level but whether it is lack of supply or a lock stock and barrel move from west to east by occupiers is debatable

Cushman amp Wakefieldrsquos head of West End office agency Andy Tyler is predicting 4m sq ft-plus of take-up by year-end That would mean he says ldquoif we had a cracking fair wind behind us we could get to the highest levels since 2000rdquo

That would put pressure on vacancy rates which now 33 could end the year as low as 27 ldquoI think if you are a tenant you are getting increasingly nervous about the lack of choice and where rents will gordquo says Tyler

Deals in the pipeline that might come through in quarter four could include a 950000 sq ft quarter which would lead to what Tyler describes as ldquosome pretty competitive bidding for spacerdquo

And the consequence ldquoI think tenants will go west as well as east ndash which is a well trodden path The west has been forgottenrdquo

ldquoThe stats donrsquot lie You canrsquot have the levels of take-up we are experiencing at the moment without massively depleting the stock and the new supply is looking skinnyrdquo

DownloaD the full q3 lonDon office market analysis wwwestatesgazettecomloma

end of 2006 Strip out the Amazon deal and it is still the best three months since Q4 2010 ndash the peak of the current cycle

can it continueldquoI think quarter four will be very strong Wersquove got close to 3m sq ft under offerrdquo says Philip Pearce executive director of central London Savills ldquoThe fund managers are back in action and the TMT sector has undoubtedly boosted figures especially in the fringe in fact can you even call them fringe any morerdquo he questions adding that ldquonearly all the sectors are active and I find it encouraging that it is not just reliant on one or twordquo

But the elephant in the room is availability ldquonext year is going to be toughrdquo admits Pearce ldquo The stats donrsquot lie you canrsquot have the levels of take-up we are experiencing at the moment without massively depleting the stock and the new supply is looking skinnyrdquo

In London 237m sq ft of space started construction this quarter with 1136m sq ft due to complete by 2016 a figure which is up on last quarterrsquos 109m sq ft of space started

Peter Lance partner of office leasing in Allsoprsquos City team agrees ldquoThe bigger occupiers have started to look at prelet options availability is drying up and we are expecting a wave of refurbs This will be followed by the supply being replaced in 2017 with spec development and in 2018 there will be oversupplyrdquo

top lonDon leasing agents 2014

1 cushman amp wakefield 967669 34

2 dtZ 878878 44

3 Jll 847113 73

4 cbre 839295 52

5 knight frank 698036 39

6 savills 535164 43

7 allsop 518573 9

8 deloitte real estate 242943 15

9 hatton real estate 169959 38

10 montagu evans 160286 7

11 colliers international 149136 25

12 monmouth dean 138507 26

13 strutt amp Parker 136493 14

14 hall kemp 121093 12

15 newton Perkins 98722 14

16 gryphon Property Partners 92973 6

17 bnP Paribas real estate 82689 16

18 farebrother 77648 12

19 edward charles amp Partners 75009 15

20 gm real estate 68109 7

21 tuckerman 58916 12

22 frost meadowcroft 53157 11

23 ingleby trice 50446 10

24 crossland otter hunt 47697 8

25 bluebook 42916 4

rank Agent disposals (sq ft)

no of deals


no of deals

1 cushman amp wakefield 122242 42 dtZ 114250 53 knight frank 86653 44 cbre 44672 45 cherryman 19934 7


no of deals

1 dtZ 218865 72 Jll 191060 103 savills 171347 54 deloitte real estate 130035 25 montagu evans 118276 1


no of deals

1 cushman amp wakefield 34509 52 Jll 31680 62 savills 30052 44 cbre 22831 65 knight frank 12804 2


no of deals

1 knight frank 233313 152 cbre 160123 103 Jll 142862 154 cushman amp wakefield 121583 115 colliers international 79589 16

agents by submarket 2014

DocklanDs

miDtown

southern fringe

west enD


no of deals

1 cbre 516848 152 Jll 364162 353 dtZ 343262 154 savills 275103 265 cushman amp wakefield 240109 13


no of deals

1 allsop 440714 22 cushman amp wakefield 430921 13 hatton real estate 157025 344 dtZ 110276 35 knight frank 96822 2

city core city fringe



For Full analysis oF all london market wwwestatesgazettecomloma

Q3 development ytd construction to complete by 2016 largest letting

City offiCes soar with biggest quarter in a deCade

EG BluffErrsquos GuidELondon in 6 seCondsLondon business confidence is at an eight-year high after the amount of office space signed for in the third quarter of 2014 hit its highest level since the end of 2006 Space signed for rocketed by 22 on the same period last year and the amount of space placed under offer rose for the seventh consecutive quarter

The City market led this with lettings at a decade high helped by but not exclusively because of Amazonrsquos 96000 sq ft letting at Leadenhall Court EC3 The online retailerrsquos 430000 sq ft letting at Principal Place EC1 also boosted the City fringe market which saw its best quarter on record Tech firms signed for two-thirds of the space taken here

take-up

top tenants

where 2014 might endAssumes Q4 is in line with five-yearly average

Associations 1 Central amp local government 2 Construction 1 Cultural 0 Financial 18 Health amp education 4 Industry amp manufacturing 0

Insurance 2 Others 12 Professional 11 Property 8 Retail amp leisure 2 Services 8 TMT 28 Transport 2 Utilities 0

construction starts to complete by 2016

Ucirc

London435m sq ft

on Q3 2013

City179m sq ft

on Q3 2013

West End075m sq ft

on Q3 2013Five-year

quarterly averageFive-year


quarterly average283m 101m 07m

BeST SInCe

135mSq FT 2007

LOndOn

133mSq FT 2014

HIgH

143mSq FT 2006

83m Sq FT

LOw

2012

AmAzon

431000sQ Ft PrinCiPAL

PLACE EC1

tmt

percentage points23BiGGEst movErUcirc

Cultural

percentage points19BiGGEst losEr

Ucirc

Utilities

Transport

TMT

Services

Retail amp Leisure

Property

Professional

Others

Insurance

Industry amp Manufacturing

Health amp Education

Financial

Cultural

Construction

Central amp Local Government

Associations

1136M 297M

west end

077M35M

London

237Mcity

052M

city corE docklandsmidtown city frinGEsouth BankwEst EndanalysiscontEnts

click on the area naMe to go direct to Market breakdown

With London returns still rising past the point that most said was sustainable it is difficult to know where to stash your cash in the capital

For example the map of consensus rents (opposite) shows returns on a hypothetical 20000 sq ft office with a 10-year lease ndash every submarket rose Even the loser Paddington was in the black with an annual rise of 1

On paper the Euston Road market has had the most astounding year with returns up by more than one-third Many point to the fact that the market was simply underpriced before On a quarterly basis the rental rise is a more modest 1 but that helps only if you piled in your money more than a year ago So where should you head now

The trend of footloose tenants looks set to continue Agents point to continued stock squeezes in the West End ndash where rental growth seems to have petered out ndash that are forcing occupiers to look at prelets and cast their nets ever wider

But no investor wants to follow the tenants to somewhere that has just hit it big much better to be there when itrsquos still a bit rough round the edges That is what some think Land Securities did in Victoria although with its Whitehall tenants it is debatable whether the area was ever that shabby

Andy Tyler Cushman amp Wakefieldrsquos partner London markets says ldquoThey had the balls to build and they are going to reap the rewardsrdquo

Where to putrentsLondon offices market anaLysis

your moneyEvery submarket rose in Q3 as the trend of footloose tenants continued writes Nadia Elghamry

city core midtoWn dockLands city frinGe West end soUtHern frinGe | eXtended anaLysis for eacH core market onLine WWWestatesGaZettecomLoma

L

GROVE ROAD

soho

pound137mChANGE oN Q2 4

rENt pound80 psf frEE pEriod 17 moNths

pAddiNGtoN

pound97mChANGE oN Q2 1 rENt pound5780 psf

frEE pEriod 19 moNths

viCtoriA



EustoN roAd



CovENt GArdEN



mAyfAirst jAmEs



Pointing to the squeeze in supply in almost every submarket Tyler says Victoria can act as a pressure valve Consensus rents show the market is already reasonably priced and returns are modest but steady

Other areas to watch are the West but further flung than west of Tottenham Court Road ldquoThe march from east to west is a well-trodden path but the west has been forgottenrdquo says Tyler ldquoI think therersquoll be great opportunities for occupiers in White City and itrsquos an area to look at going forwardrdquo

Buyers are not thin on the ground and figures from EGirsquos London Offices Research show that investment hit pound4bn in the third quarter with over pound17bn of that in the West End This total is down on the last quarter and on the five-quarter average but roughly in line with where the market was in the equivalent period last year

Felix Rabeneck director of Savillsrsquo central London investment team says ldquoThere is quite a lot under offer at the moment and last year was an anomalyrdquo There is little doubt that it was including a remarkable double whammy of final-quarter portfolio deals at Broadgate and More London which went for a cool pound17bn a piece

Expect yield compression in the City says Rabeneck ldquoThere is still a big gap between the City and West End and City yields are out of kilter for the right buildingsrdquo he adds

Buyers are still global with a lot of institutional investors coming in and sovereign wealth still featuring strongly says Rabeneck What is missing is big Middle Eastern money although interest is there at the marketing stage he adds

With several trophy assets lining up to be sold as we enter the last quarter of the year 2014 could yet be a record-breaker And if it is it could be even harder to winkle out the best pockets of returns


L

GROVE ROAD

investment barometer1 or below Size of circle denotes total return 8 or over

Panel Cushman amp Wakefield Deloitte Real Estate JLL CBRE Savills Farebrother (Midtown Covent Garden and South Bank only)

CANAry whArf



AldGAtE



morE loNdoN



ChANCEry lANE



GrEshAm st lEAdENhAll st

broAdGAtE



ToTal reTurn on a hypoTheTical 20000 sq fT leTTing wiTh a 10-year lease

city core docklandSmidtown city fringeSouth bankweSt endanalySiScontentS

cLick on ThE AREA nAME TO GO dIRECT TO MARkET BREAkdOWn

PLANNING

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Q3 2014summary statisticsCity core City fringe Docklands Midtown South Bank West End Overall

2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3

Take-up (m sq ft) annual or quarter totalNewrefurb existing 119 066 034 024 008 003 021 000 000 021 035 014 017 024 005 064 050 022 266 183 078Premarketing 031 041 041 001 044 043 000 000 000 115 020 016 000 000 000 002 004 001 149 109 101Secondhand 233 180 096 090 088 041 036 057 020 096 083 020 051 032 006 178 139 043 684 580 226Under construction 066 067 009 014 010 000 000 023 000 027 035 013 071 010 000 021 031 008 199 177 031Total 450 355 180 128 150 087 057 080 020 260 173 063 139 066 011 265 224 075 1298 1048 435Availability (m sq ft) annual quarterly average or quarter end

Q1+2 Q2 Q1+2 Q2 Q1+2 Q2 Q1+2 Q2 Q1+2 Q2 Q1+2 Q2 Q1+2 Q2Newrefurb existing 147 170 196 012 013 016 031 035 037 033 035 035 067 065 059 083 076 068 374 394 412Premarketing 283 346 380 131 148 095 359 351 351 330 291 244 109 100 082 117 094 096 1329 1331 1247Secondhand 387 326 293 124 106 079 155 138 132 174 123 103 076 085 098 244 202 200 1160 980 905Under construction 406 293 232 070 098 124 029 005 005 060 090 088 099 033 022 112 142 161 776 660 632Total 1222 1135 1101 337 365 314 575 529 524 597 538 470 352 283 262 556 515 525 3639 3365 3196Availability rate annual average or quarter

940 882 865 579 520 426 995 911 883 661 530 473 849 866 905 528 481 483 759 698 672Under offer and withdrawn (m sq ft) quarter or quarterly average

Under offer 058 084 070 013 024 034 010 012 002 023 035 014 016 029 021 033 047 060 153 231 201Withdrawn 008 014 011 015 009 011 001 003 004 005 026 021 004 013 030 013 010 013 045 075 089Average asking prices (pound per sq ft) quarter or quarterly average

New leases only Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 New build existing pound4608 pound5686 pound6220 pound3149 pound4000 na pound3493 pound3502 pound3500 pound4264 pound5909 na na pound5862 pound5783 pound7460 pound6475 pound7000 pound3829 pound5239 pound5626Secondhand grade A pound4134 pound4255 pound4400 pound2852 pound2750 pound3250 pound3345 pound3233 pound3455 pound3911 pound4357 pound4707 pound4041 pound3595 pound4000 pound5732 pound6438 pound6828 pound4003 pound4105 pound4440Investment sales (m sq ft) annual or quarter total

Total sq ft 753 380 167 144 088 047 234 265 099 283 122 045 298 062 008 384 209 151 2096 1126 517No of transactions 69 49 21 44 26 15 8 8 3 47 25 11 22 8 5 102 52 24 292 126 79Construction starts (m sq ft) annual or quarter total

Total started 142 094 052 071 124 100 000 005 000 076 063 006 027 003 002 148 126 077 464 415 237Prelet 048 036 031 008 046 043 000 000 000 033 019 000 010 000 000 025 004 000 124 105 074Speculative 094 058 021 063 078 057 000 005 000 043 044 006 017 003 002 123 122 077 340 310 163Completed space still available (m sq ft) (completion by full year or part of year)

Total completed 074 190 047 036 030 018 000 054 000 036 090 062 056 056 000 131 036 021 333 456 148Still available 016 122 037 003 013 003 000 006 000 009 004 002 011 045 000 021 011 006 060 201 049Future completions (m sq ft) for full year or part of year

Delivery date 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016Total to complete 090 214 046 047 056 027 000 000 199 056 047 028 003 025 000 105 090 102 302 432 402Amount still available 012 130 015 040 054 027 000 000 199 055 010 028 003 025 000 082 081 102 191 300 371 still available 13 61 33 85 96 100 0 0 100 98 22 100 100 100 100 78 90 100 63 69 92

360deg VIEW OF PROPERTY

A unique all-round view of the commercial property market you simply canrsquot get anywhere else

Make informed business decisions with EGi visit wwwestatesgazettecomEGi360

NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS




NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS

NEW

S

BUILDING REPORTS

LEGAL

OCCUPIERS

AVAILABILITY

PLAN

NIN

G DEALS

A unique all-round view of the commercial propertymarket you simply canrsquot get anywhere else

Make informed business decisions with EGivisit wwwestatesgazettecomEGi360

CITy Core DoCklANDSmIDToWN CITy FrINgeSoUTh bANkWeST eNDANAlySISCoNTeNTS

cLick on the area name to go direct to market breakdown

in depthLondon offices market anaLysis

With 18m sq ft let in 116 deals this equates to the most impressive quarter of lettings in the City core

since the fourth quarter of 2004 when 21m sq ft was let That this figure was made up of such a high volume of deals rather than two or three headline transactions accounting for a large proportion of the figure suggests high levels of confidence across the market The profile of the lettings also highlights the appeal of the City to a diverse range of business sectors with TMT ndash a sector more commonly located in the West End or City fringe ndash accounting for 13 of take-up

The largest deal in the City core this quarter was MampGrsquos 323000 sq ft prelet of Generalirsquos 10 Fenchurch Avenue EC3 where demolition works are now under way The second largest deal was Amazonrsquos 96000 sq ft letting of Brookfieldrsquos Leadenhall Court EC3

CITY COREq32014overview

n Highest level of take-up achieved since Q4 2004

n Only one deal exceeded 100000 sq ft this quarter

n The financial sector accounted for 34 of take-up in Q3 against 35 in Q2 and 36 in Q1

n The professional sector increased from 5 last quarter to 14 this quarter

n The construction sector has accounted for just 1 of take-up in the past two quarters

take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent

Address Tenant Size (sq ft)

10 Fenchurch Avenue EC3 MampG Investment Management 323000

Leadenhall Court 1 Leadenhall Street EC3 Amazon 96000

Alban Gate 125-130 London Wall EC2 Lloyds Banking Group 73000

Sceptre Court 40 Tower Hill EC3 London School of Business amp Finance 63000

99 Bishopsgate EC2 Deutsche Bank 49000

0

1

2

3

4

5

6

201420132012201120102009

Sq ft (millions)

n new-build n secondhand

6

9

12

15

14 Q314 Q214 Q113 Q413 Q313 Q213 Q112 Q412 Q312 Q212 Q111 Q411 Q311 Q211 Q110 Q410 Q3

n new-build (existing) n secondhand

The Amazon deal is a short-term letting until space at another of Brookfieldrsquos developments Principal Place EC1 is complete The preletting of 431000 sq ft at Principal Place is included as the biggest deal of the quarter but it falls into the City fringe market

The high level of lettings has inevitably had an impact on the availability rate with new instructions failing to keep pace with take-up Availability now stands at 865 down from 941 in Q2 While the drop is sizable the rate is not as low as at the end of 2013 when it dipped to 793 The declining availability of space is pushing rents upwards with the average rent on new-build space in the City core now standing at pound6220 per sq ft The largest new instruction to this market in Q3 was 62071 sq ft at St Martinrsquos-le-Grand EC1

Construction starts in Q3 accounted for more space than the first two quarters combined but the figure is still low at 520000 sq ft

30

40

50

60

70

80

20142013201220112010

pound psf

Q2

ConstruCtion

FinanCial

insuranCeindustry amp manuFaCturing

HealtH amp eduCationProFessional

tmt

transPort

city core continued

agrave

CLICk HErE For InTErACTIvE MAp rsaquo CLICk HErE For InTErACTIvE MAp rsaquo

CLICk HErE For DATA rsaquo


CLICk SCHEME For THE FuLL BuILDInG rEporT rsaquo

support vaLuations with the Latest comparabLes cLick here to find out more

otHer

ProPerty

serviCes

retail amp leisure

520000sq ft put under construction

in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft

avaiLabLe and ready to occupy

Of that figure 310000 sq ft is prelet so these starts will do little to alleviate an increasing shortage of grade-A space in the City core

The largest construction start of the quarter was at One London Wall Place EC2 where Schroders prelet 309397 sq ft in Q4 of last year The level of preletting of space that is due to complete this year is higher still with 87 of the 900000 sq ft due to complete already

n 470000 sq ft completed this quarter

n 79 of the space that completed is still available

n 520000 sq ft went under construction this quarter

n 35m sq ft is due to complete before the end of 2016

deveLopment future deveLopment

investment saLesdeveLopment under construction

Address price (poundm) Size (sq ft)

Woolgate Exchange 25 Basinghall Street EC2 pound320 339000

125 old Broad Street EC2 pound320 320000

planation place South 60 Great Tower Street EC3 pound142 158000

royal Mint Court EC3 pound50 478000

Abacus House 33 Gutter Lane EC2 pound45 65000

0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)

n prelet n speculative n prelet n speculative

n Supply dropped by 115m sq ft quarter-on-quarter

n Premarketed space accounts for 35 of all City core supply

suppLy

Address Completion date Size speculative (sq ft)

Bloomberg place Bucklersbury EC4 2015 380000

Angel Court Tower EC2 2015 365000

Moorgate Exchange 72 Fore Street EC2 2014 217000

71 Queen victoria Street EC4 2014 187000

Alphabeta Finsbury Square EC2 2015 167000

0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)

n newrefurb existing n premarketing n secondhand n under construction

let Looking ahead to 2015 the situation is better with 21m sq ft to be delivered and 61 of it still available However of the 460000 sq ft scheduled for 2016 only 33 is still available

The demand for city assets was strong this quarter with 20 investment deals completing and three of those over pound100m The largest deal was Cathay Lifersquos pound320m purchase of Woolgate Exchange EC2 for pound320m representing a net initial yield of 51

headLine figures


cLick on THE ArEA nAME TO GO dirECT TO MArkET BrEAkdOWn

for any data queries pLease contact tompiLkingtonestatesgazettecom or caLL 020 7911 1775


Take-up in the West End dropped from 919000 sq ft in Q2 to 746000 sq ft in Q3 The figure is above the

five-year quarterly average of 700000 sq ft and the year-to-date figure is 22m sq ft which is the highest level achieved at this stage of the year since 2010 ndash a particularly strong year There is also potential for a strong finish to the year with 600000 sq ft placed under offer in the West End in Q3

The strongest driver of take-up in the West End was the financial sector which accounted for 19 of the total although the biggest deal of the quarter was the Parliamentary Estates Directoratersquos letting of 91000 sq ft at British Landrsquos 39 Victoria Street SW1 where construction completed in July Elsewhere Land Securitiesrsquo Zig Zag Building SW1 achieved its first prelet with Jupiter Asset Management taking 56000 sq ft on a 20-year lease

west endq32014overview

n Take-up dropped by 6 year-on-year

n 58 of take-up was in secondhand space

n The financial sector accounted for 19 of West End take-up for the second consecutive quarter

n The TMT sector rose from 8 last quarter to 14 this quarter

n Central amp local government take-up rose from 1 last quarter to 12 this quarter

take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent


39 Victoria Street SW1 Parliamentary Estates Directorate 91000

Zig Zag Building Victoria Street SW1 Jupiter Asset Management 56000

1 Stephen Street W1 Freud Communications 25000

St Jamesrsquos House 23 King Street SW1 London Executive Offices 24000

4 Millbank SW1 Lightspeed Research 23000

0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12



Despite lettings above the five-year average the availability rate moved out slightly from 476 to 483 This was helped by two large new instructions to the market ndash 237300 sq ft at Derwent Londonrsquos 55-65 North Wharf Road W2 and 216000 sq ft at Great Portland Estatersquos 1 Rathbone Square W1 Despite the availability rate moving out it is still exceptionally low and continues to drive up rents The average asking rent for new-build space across the West End is pound70 per sq ft which is followed closely by secondhand space at pound6823 There are of course much higher levels sought such as the asking rent of pound85 per sq ft at Grosvenorrsquos new-build space at Park House or the pound100 per sq ft sought on secondhand space at 25 Hanover Square W1

Construction starts in the West End were at a healthy level this quarter at 770000 sq ft which accounts for almost one-third of the

40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes

health amp eduCatiOn

Central amp lOCal gOvernment

PrOFessiOnal

tmt

transPOrt

West end continued

agrave

CLiCK HERE FOR inTERACTiVE MAP rsaquo CLiCK HERE FOR inTERACTiVE MAP rsaquo

CLiCK HERE FOR DATA rsaquo


CLiCK SCHEME FOR THE FuLL BuiLDing REPORT rsaquo

understand current investment trends across the capitaL cLick here to find out more

assOCiatiOns

EGA_LOMAQ2_West Endindd 86 15102014 1537

pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe

770000sq ft put under

construction in q2

483 avaiLabiLity

rate

268msq ft


starts across London this quarter Encouragingly all of the space started is speculative space The largest start was the aforementioned 216000 sq ft 1 Rathbone Square W1 which was followed closely by the Crown Estate and Oxford Propertiesrsquo St Jamesrsquos Market development which will deliver 200000 sq ft of office space These two developments contribute to a construction pipeline that looks healthier than those of other markets across

n 210000 sq ft completed in Q3

n Only 30 of the space that completed is still available


n 89 of the space under construction is speculative



Address Price (poundm) Size (sq ft)

Pollen Estate W1 (64 stake) pound381 43 sites

The Point north Wharf Road W2 pound210 226000

33 grosvenor Place SW1 pound204 256000

101 new Cavendish Street W1 pound87 89000

9-15 Sackville Street W1 pound83 34000

0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)


n Supply increased by 410000 sq ft quarter-on-quarter

n Premarketed space accounts for 18 of all West End supply

n There is 2m sq ft of secondhand available space in the West End

suppLy


nova Terminus Place SW1 2016 480000

1 Rathbone Square W1 2016 216000

St Jamesrsquos Market 52 Haymarket W1 2016 200000

16 Babmaes Street SW1 2014 151000

Sceptre House 169-173 Regent Street W1 2014 150000

0

05

1

15

2

201420132012201120102009

Sq ft (millions)


London with 297m sq ft due to complete before the end of 2016 and of that 89 is still available

The West End investment market was busy this quarter and dominated by the sale of a stake in the Pollen Estate Norges Bank Investment Management took a 578 stake and the Crown Estate took a 64 stake with the pair paying the Church Commissioners for England pound381m for the 43 sites

headLine figures


cLick on THE AREA NAME TO GO DIRECT TO MARkET BREAkDOWN



Take-up in Q3 stayed in line with Q2 with 63300 sq ft let this quarter following 620000 sq ft in Q2 The

largest letting of the quarter was the 161000 sq ft prelet of 3 Pancras Square N1 to Havas This deal helped to drive the take-up in under-construction or pre-construction space to 46 of the total let in the quarter The deal also helped the TMT sector to account for more of the take-up than any other sector with 38 of the total

Take-up for the quarter was significantly above the five-year average of 431000 sq ft and helped to erode the availability rate to 473 There are now three markets (Midtown City fringe at 426 and West End at 483) with an availability rate of less than 5 which will result in rapid rent increases as demand outstrips supply

The construction pipeline will do little to alleviate stock shortages in Midtown with no significant construction starts in Q3 and of the

midtownq32014overview

n At 633000 sq ft Midtown take-up was 203000 sq ft above the five-year quarterly average for this market

n 46 of take-up was preletting activity


n The TMT sector was the most prevalent accounting for 38 of take-up increasing from 35 last quarter

n Health and education increased from 5 of take-up last quarter to 13 this quarter

take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent


Kingrsquos Cross Central 3 Pancras Square N1 Havas 161000

Africa House 64-78 Kingsway WC2 Mishcon De Reya 118000

Halo Building 1 Mabledon Place WC1 The Doctors Laboratory 81000

Seven Dials Warehouse 42-44 Ealham Street WC2 kingcom 36000

81 Chancery Lane WC2 Thirty Nine Essex Street 32000

0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12



620000 sq ft that completed only 20000 sq ft remains available Looking further ahead the picture is similarly bleak with only 13m sq ft due to complete before the end of 2016 and of that 370000 sq ft is already let

Investment transactions totalled pound495m in Midtown in Q3 with the largest deal TIAA Hendersonrsquos purchase of 440 Strand WC2 for pound175m representing a net initial yield of 43

30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort

heAlth amp educAtion

ProFessionAl

tMt


cLick on THE ArEA NAME To go dIrECT To MArkET brEAkdoWN

pound6050per sq ft egi

consensus rent

138msq ft avaiLabLe and

ready to occupy

633000 sq ft

Let in q2

headLine figures

CLiCK HERE foR iNTERACTivE MAP rsaquo CLiCK HERE foR iNTERACTivE MAP rsaquo

CLiCK HERE foR DATA rsaquo


CLiCK SCHEME foR THE fuLL BuiLDiNg REPoRT rsaquo

receive a weekLy update on the London office market cLick here to find out more

services


At 197000 sq ft take-up increased 24 on Q2 but came in short of the five-year quarterly average of

239000 sq ft The activity was focused on 25 Canada Square E14 which accounted for 62 of lettings the largest of which was the 60000 sq ft letting to Truphone This deal is part of the reason the TMT sector accounted for 41 of the take-up in Docklands this quarter Looking ahead the amount of space placed under offer in Q3 (20000 sq ft) does not point to a strong finish to the year

Construction activity in Docklands is also muted at present There were no construction starts or completions in Docklands this quarter and we do not anticipate new space to be delivered to this market this year or next The next injection of new space is anticipated to be in 2016 when 2m sq ft will be delivered There is construction activity at Heron Quays E14 However instead of a

docklandsq32014overview

n At 197000 sq ft take-up is 89000 sq ft behind the five-year quarterly average

n 100 of Q3 take-up was in secondhand space

n The TMT sector increased from 2 of take-up last quarter to 41 of take-up this quarter

n The utilities sector accounted for 38 of take-up last quarter but only 2 this quarter

n After not featuring in this market last quarter the financial sector returned and accounted for 17 of take-up

take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent


25 Canada Square E14 Truphone 60000

25 Canada Square E14 GFK 40000

5 Canada Square E14 HSBC Bank 31000

25 Canada Square E14 Netnames 16000

1 Canada Square E14 First Data 7000

0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12



construction start it appears to be site preparation While the lettings and construction markets were quiet in Q3

there were two significant deals in the investment market The largest deal saw Exchange Tower E14 sold to Gaw Capital Partners for pound191m representing a yield in the region of 65 while Blackstone purchased the long leasehold of 25 North Colonnade E14 for pound1627m representing an 8 yield

10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt


cLick on THE ArEA NAME To Go DirECT To MArkET BrEAkDoWN

169 m sq ft avaiLabLe and

ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures

CliCK HErE For iNTErACTivE MAp rsaquo CliCK HErE For iNTErACTivE MAp rsaquo

CliCK HErE For DATA rsaquo


CliCK SCHEME For THE Full BuilDiNG rEporT rsaquo


Utilities

services

others

financial

In depthLondon offIces market anaLysIs

Amazonrsquos decision to prelet 431000 sq ft at Brookfieldrsquos Principal Place E1 helped to push

take-up to 868000 sq ft Even without the Amazon deal this market would have had its highest quarterly peak since Q3 2011 when 460000 sq ft was let The other impact of the letting at Principal Place was to push the share of take-up by the TMT sector to 60

The high level of take-up and a lack of new instructions means the availability rate dropped almost 15 percentage points quarter-on-quarter It now stands at 426 ndash the lowest rate in the six markets we monitor in central London The effect has been to increase asking rents with the average secondhand asking rent now standing at pound3250 per sq ft ndash the highest recorded in this market since Q3 2008

More space (1m sq ft) was put under construction in this market than any other this quarter This figure includes the largely prelet

City fringeq32014overvIew

n At 868000 sq ft take up was 562000 sq ft above the five year quarterly average and the highest level ever achieved in this market

n The previous highest level of take-up in the City Fringe was 774620 sq ft recorded in Q2 2004

n TMT accounted for 60 which is double the 30 it recorded in Q2

n The second most prominent business sector was the service sector which accounted for 9 of take-up

take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent


Principal Place E1 Amazoncouk 431000

3 Thomas More Square E1 Ipsos MORI 65000

Albert House 1-6 Singer Street EC2 The Office Group 50000

3 Thomas More Square E1 Mitsui OSK Lines 32000

Wilson House 3-7 Ray Street EC1 All 3 Media 18000

0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12



Principal Place and so only 570000 sq ft of the space that went under construction remains available The biggest speculative construction start this quarter was at Derwent Londonrsquos 268000 sq ft White Collar Factory EC1 A total of 180000 sq ft completed but of this only 30000 sq ft is still available

The largest investment sale was Standard Lifersquos purchase of 100 Leman Street E1 for pound41m reflecting a 45 yield

10

20

30

40

50

20142013201220112010

pound psf

Q2


cLIck on ThE ArEA nAME To go DIrECT To MArkET BrEAkDoWn

426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional

CLICK HERE fOR InTERACTIvE MAP rsaquo CLICK HERE fOR InTERACTIvE MAP rsaquo

CLICK HERE fOR dATA rsaquo


CLICK SCHEME fOR THE fuLL buILdInG REPORT rsaquo

assoCiations

IdentIfy new deveLopment opportunItIes cLIck here to fInd out more

serviCes

transPort


The southern fringe had its quietest quarter since the end of 2012 with take-up of 109000 sq ft

registered This figure is considerably below the 284000 sq ft and 270000 sq t let in Q1 and Q2 respectively and the five-year average of 148000 sq ft The largest deal of the quarter was the 9855 sq ft letting to E2X at 1 London Bridge SE1 where there were a further three lettings this quarter that brought the total of take-up in this building to 28 of the total let in this market

Despite the low level of lettings a lack of new space being brought to market meant that the availability rate dropped slightly to 905 which is currently the highest rate of the six markets that we monitor in central London The expectation is that this rate will continue to drop with a lack of construction activity in this market to alleviate pressure on supply There were no construction starts or

South bankq32014overview

n The TMT sector increased from 20 of take-up last quarter to 28 this quarter

n The professional sector dropped from 19 of take up last quarter to 9 this quarter

n Associations and the construction sector dropped out of the southern fringe take-up figures in Q3 but were replaced by retail amp leisure and transport

take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent


1 London Bridge SE1 E2X 10000

1 London Bridge SE1 ISS Group 8000

The Shard London Bridge Street SE1 Tiffany amp Co 8000

Blue Fin Building Southwark Street SE1 Tableau Software 8000

56 Southwark Bridge Road SE1 Lifeways Community Care 7000

0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12



completions of note this quarter and the only significant completion due before the end of 2016 is the 220000 sq ft Southbank Tower SE1 which is currently fully available

The investment market was similarly quiet in Q3 with five deals completing for a total of pound366m the largest of which was Overcourtrsquos purchase of 4-5 Paris Gardens SE1 for pound2785m representing a 45 yield

10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2


cLick on ThE arEa namE TO GO DirEcT TO markET BrEakDOwn

0 sq ft construction

compLeted in Q3

157m sQ ft avaiLabLe and

ready to occupy

pound5450 per sQ ft egi

consensus rent

headLine figures

retail amp leisure

transport

services

industry amp manufacturing

professional

CLICk hERE FoR InTERACTIvE MAp rsaquo CLICk hERE FoR InTERACTIvE MAp rsaquo

CLICk hERE FoR dATA rsaquo


CLICk SChEME FoR ThE FuLL BuILdInG REpoRT rsaquo

property

for any data Queries pLease contact tompiLkingtonestatesgazettecom or caLL 020 7911 1775

tmt

others

health amp education

n At 109000 sq ft take-up this quarter is the lowest recorded in this market since Q4 2012

n The average deal size in Q3 was 4011 sq ft which is the lowest of all the six markets that we analyse

financial

DE

ALS

With 4500 deals researched on average each month EGi provides you with the latest comparable evidence to support valuations

Conduct valuations fasterQuickly research sales amp lease comparables across the UK with EGiRequest a free trial visit wwwestatesgazettecomdeals

R emember 2004 The Gherkin had just opened its shiny doors the London Plan was published and something called The Facebook was registered by

an unknown Harvard student called Mark Zuckerberg City lettings were on a high and Toxic was a chart-topping song by Britney Spears that had nothing to do with debt writes Nadia Elghamry

Those good times might be on the way back with the City office market soaring Quarter three figures show lettings in the City core are at a decade high of 179m sq ft up 80 on the same time last year

The City fringe market fared even better At 868000 sq ft it had its best quarter since EGirsquos London office research began analysing the market in 2002 London as a whole secured 435m sq ft of take-up a figure that hasnrsquot been exceeded since the end of

2006 and puts the capital on a steady footing to end the year on 133m sq ft

It would be tempting to lay the success of those markets at the doors of one company Amazon Tempting but wrong The online retailing giant signed the largest deal of quarter three taking fully 527000 sq ft of office space split between 431000 sq ft at Principal Place E1 and 96000 sq ft at Leadenhall Court EC3 The deal has caused an upset at the top of EGrsquos London office league table


London Offices Delve Deeper into the Data with interactive maps the full q3 lonDon office market analysis wwwestatesgazettecomloma

q3 overviewlonDon offices market analysis






























2 dtZ 878878 44

3 Jll 847113 73

4 cbre 839295 52


6 savills 535164 43

7 allsop 518573 9







14 hall kemp 121093 12











25 bluebook 42916 4


no of deals


no of deals



no of deals



no of deals



no of deals



DocklanDs

miDtown

southern fringe

west enD


no of deals



no of deals










take-up

top tenants





Ucirc

London435m sq ft

on Q3 2013

City179m sq ft

on Q3 2013

West End075m sq ft

on Q3 2013Five-year




BeST SInCe

135mSq FT 2007

LOndOn

133mSq FT 2014

HIgH

143mSq FT 2006

83m Sq FT

LOw

2012

AmAzon


PLACE EC1

tmt


Cultural


Ucirc

Utilities

Transport

TMT

Services

Retail amp Leisure

Property

Professional

Others

Insurance



Financial

Cultural

Construction


Associations

1136M 297M

west end

077M35M

London

237Mcity

052M












L

GROVE ROAD

soho



pAddiNGtoN



viCtoriA



EustoN roAd



CovENt GArdEN



mAyfAirst jAmEs











L

GROVE ROAD



CANAry whArf



AldGAtE



morE loNdoN



ChANCEry lANE




broAdGAtE






PLANNING





2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3













NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS




NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS

NEW

S

BUILDING REPORTS

LEGAL

OCCUPIERS

AVAILABILITY

PLAN

NIN

G DEALS















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

1

2

3

4

5

6

201420132012201120102009

Sq ft (millions)


6

9

12

15






30

40

50

60

70

80

20142013201220112010

pound psf

Q2

ConstruCtion

FinanCial



tmt

transPort

city core continued

agrave






otHer

ProPerty

serviCes

retail amp leisure


in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft
















0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)




suppLy







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)




headLine figures














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS































2 dtZ 878878 44

3 Jll 847113 73

4 cbre 839295 52


6 savills 535164 43

7 allsop 518573 9







14 hall kemp 121093 12











25 bluebook 42916 4


no of deals


no of deals



no of deals



no of deals



no of deals



DocklanDs

miDtown

southern fringe

west enD


no of deals



no of deals










take-up

top tenants





Ucirc

London435m sq ft

on Q3 2013

City179m sq ft

on Q3 2013

West End075m sq ft

on Q3 2013Five-year




BeST SInCe

135mSq FT 2007

LOndOn

133mSq FT 2014

HIgH

143mSq FT 2006

83m Sq FT

LOw

2012

AmAzon


PLACE EC1

tmt


Cultural


Ucirc

Utilities

Transport

TMT

Services

Retail amp Leisure

Property

Professional

Others

Insurance



Financial

Cultural

Construction


Associations

1136M 297M

west end

077M35M

London

237Mcity

052M












L

GROVE ROAD

soho



pAddiNGtoN



viCtoriA



EustoN roAd



CovENt GArdEN



mAyfAirst jAmEs











L

GROVE ROAD



CANAry whArf



AldGAtE



morE loNdoN



ChANCEry lANE




broAdGAtE






PLANNING





2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3













NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS




NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS

NEW

S

BUILDING REPORTS

LEGAL

OCCUPIERS

AVAILABILITY

PLAN

NIN

G DEALS















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

1

2

3

4

5

6

201420132012201120102009

Sq ft (millions)


6

9

12

15






30

40

50

60

70

80

20142013201220112010

pound psf

Q2

ConstruCtion

FinanCial



tmt

transPort

city core continued

agrave






otHer

ProPerty

serviCes

retail amp leisure


in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft
















0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)




suppLy







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)




headLine figures














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS








take-up

top tenants





Ucirc

London435m sq ft

on Q3 2013

City179m sq ft

on Q3 2013

West End075m sq ft

on Q3 2013Five-year




BeST SInCe

135mSq FT 2007

LOndOn

133mSq FT 2014

HIgH

143mSq FT 2006

83m Sq FT

LOw

2012

AmAzon


PLACE EC1

tmt


Cultural


Ucirc

Utilities

Transport

TMT

Services

Retail amp Leisure

Property

Professional

Others

Insurance



Financial

Cultural

Construction


Associations

1136M 297M

west end

077M35M

London

237Mcity

052M












L

GROVE ROAD

soho



pAddiNGtoN



viCtoriA



EustoN roAd



CovENt GArdEN



mAyfAirst jAmEs











L

GROVE ROAD



CANAry whArf



AldGAtE



morE loNdoN



ChANCEry lANE




broAdGAtE






PLANNING





2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3













NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS




NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS

NEW

S

BUILDING REPORTS

LEGAL

OCCUPIERS

AVAILABILITY

PLAN

NIN

G DEALS















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

1

2

3

4

5

6

201420132012201120102009

Sq ft (millions)


6

9

12

15






30

40

50

60

70

80

20142013201220112010

pound psf

Q2

ConstruCtion

FinanCial



tmt

transPort

city core continued

agrave






otHer

ProPerty

serviCes

retail amp leisure


in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft
















0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)




suppLy







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)




headLine figures














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS












L

GROVE ROAD

soho



pAddiNGtoN



viCtoriA



EustoN roAd



CovENt GArdEN



mAyfAirst jAmEs











L

GROVE ROAD



CANAry whArf



AldGAtE



morE loNdoN



ChANCEry lANE




broAdGAtE






PLANNING





2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3













NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS




NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS

NEW

S

BUILDING REPORTS

LEGAL

OCCUPIERS

AVAILABILITY

PLAN

NIN

G DEALS















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

1

2

3

4

5

6

201420132012201120102009

Sq ft (millions)


6

9

12

15






30

40

50

60

70

80

20142013201220112010

pound psf

Q2

ConstruCtion

FinanCial



tmt

transPort

city core continued

agrave






otHer

ProPerty

serviCes

retail amp leisure


in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft
















0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)




suppLy







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)




headLine figures














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS











L

GROVE ROAD



CANAry whArf



AldGAtE



morE loNdoN



ChANCEry lANE




broAdGAtE






PLANNING





2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3













NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS




NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS

NEW

S

BUILDING REPORTS

LEGAL

OCCUPIERS

AVAILABILITY

PLAN

NIN

G DEALS















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

1

2

3

4

5

6

201420132012201120102009

Sq ft (millions)


6

9

12

15






30

40

50

60

70

80

20142013201220112010

pound psf

Q2

ConstruCtion

FinanCial



tmt

transPort

city core continued

agrave






otHer

ProPerty

serviCes

retail amp leisure


in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft
















0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)




suppLy







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)




headLine figures














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS



PLANNING





2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3













NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS




NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS

NEW

S

BUILDING REPORTS

LEGAL

OCCUPIERS

AVAILABILITY

PLAN

NIN

G DEALS















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

1

2

3

4

5

6

201420132012201120102009

Sq ft (millions)


6

9

12

15






30

40

50

60

70

80

20142013201220112010

pound psf

Q2

ConstruCtion

FinanCial



tmt

transPort

city core continued

agrave






otHer

ProPerty

serviCes

retail amp leisure


in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft
















0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)




suppLy







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)




headLine figures














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS




2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014 2013 2014 2014Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3 Q12+3 Q3













NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS




NE

WS

BUILDING REPOR

TS

LEGAL

OCCUPIERS

AVAILABILITY

PLA

NN

ING D

EA

LS

NEW

S

BUILDING REPORTS

LEGAL

OCCUPIERS

AVAILABILITY

PLAN

NIN

G DEALS















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

1

2

3

4

5

6

201420132012201120102009

Sq ft (millions)


6

9

12

15






30

40

50

60

70

80

20142013201220112010

pound psf

Q2

ConstruCtion

FinanCial



tmt

transPort

city core continued

agrave






otHer

ProPerty

serviCes

retail amp leisure


in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft
















0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)




suppLy







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)




headLine figures














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS













take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

1

2

3

4

5

6

201420132012201120102009

Sq ft (millions)


6

9

12

15






30

40

50

60

70

80

20142013201220112010

pound psf

Q2

ConstruCtion

FinanCial



tmt

transPort

city core continued

agrave






otHer

ProPerty

serviCes

retail amp leisure


in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft
















0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)




suppLy







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)




headLine figures














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS




in q2

18msq ft Let

1101m sq ft

avaiLabLe

pound60per sq ft

egi consensus rent

865avaiLabiLity

rate

489msq ft
















0

05

1

15

2

25

201620152014

Sq ft (millions)

0

5

10

15

20

201420132012201120102009

Sq ft (millions)




suppLy







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)




headLine figures














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS













take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

35

201420132012201120102009

Sq ft (millions)


0

2

4

6

8

10

12





40

60

80

100

20142013201220112010

pound psf

Q2

Cultural

FinanCial

Others

PrOPerty

retail amp leisure

serviCes



PrOFessiOnal

tmt

transPOrt

West end continued

agrave






assOCiatiOns


pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS



pound80per sq ft

egi consensus rent

746000 sq ft Let

525m sq ft

avaiLabLe


construction in q2

483 avaiLabiLity

rate

268msq ft















0

02

04

06

08

10

12

201620152014

Sq ft (millions)

0

2

4

6

8

10

201420132012201120102009

Sq ft (millions)





suppLy







0

05

1

15

2

201420132012201120102009

Sq ft (millions)




headLine figures















take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS














take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

3

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





30

40

50

60

20142013201220112010

pound psf

Q2

AssociAtions

FinAnciAl

others

ProPerty

trAnsPort


ProFessionAl

tMt




consensus rent


ready to occupy

633000 sq ft

Let in q2

headLine figures






services











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS













take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

05

1

15

2

25

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

20142013201220112010

pound psf

Q2

Professional

tmt




ready to occupy

pound39per sq ft

egi consensus rent

883 avaiLabiLity

rate

headLine figures






Utilities

services

others

financial











take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS













take-up

key deaLs

take-up by sector

avaILabILIty

askIng rent







0

05

1

15

2

201420132012201120102009

Sq ft (millions)


0

3

6

9

12





10

20

30

40

50

20142013201220112010

pound psf

Q2



426avaILabILIty

rate

868000 sq ft Let

1m sq ft put under

constructIon In q3

headLIne fIgures

ConstruCtion

others

retail amp leisure

tMt

ProPerty

insuranCe

Professional





assoCiations


serviCes

transPort









take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS











take-up

key deaLs

take-up by sector

avaiLabiLity

asking rent







0

03

06

09

12

15

201420132012201120102009

Sq ft (millions)


4

6

8

10

12





10

20

30

40

50

60

70

80

20142013201220112010

pound psf

Q2




compLeted in Q3


ready to occupy


consensus rent

headLine figures

retail amp leisure

transport

services


professional





property


tmt

others




financial

DE

ALS



DE

ALS



london offices market analysis q3 2014

Documents