Q3 West End take-up highest ever

By James Buckley - Tuesday, October 10, 2017 14:56

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Office take-up in London’s West End market in September 2017 reached 857,259 sq ft, bringing total take-up in the third quarter to 1.62m sq ft, the highest quarterly total on record, according to Savills.

Leasing activity in Q3 2017 brings total take-up year to date, to 3.99m sq ft, already surpassing 2016’s total annual take-up (3.97m sq ft) and placing the West End in good stead to exceed the record 4.3m sq ft amassed in 2015.

Key deals include: Aegis pre-letting the entire 310,000 sq ft at British Land’s 1 Triton Square; The Boston Consulting Group pre-letting 123,500 sq ft at 80 Charlotte Street and Spotify acquiring 104,133 sq ft at The Adelphi (pictured).

Ed Betts, joint head of the West End office agency team at Savills, said: “Whilst we can’t ignore the serendipity of all of these deals happening this quarter, it is a stellar quarter of leasing activity nonetheless and reiterates again what a robust and attractive market the West End is.

 “Tech & media occupiers remain the most active as they continue to commit to new offices and expand within our market, yet meanwhile the rate of growth we have seen from serviced office operators – both those that are new to the market and those already established – shows no sign of abating. Together these sectors compliment the ongoing desire from professional and more traditional businesses that have long chosen to reside in London’s West End.”

jbuckley@costar.co.uk

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