INDUSTRY NEWS

London office leasing activity reaches 7 year high

Lettings for London office space in the first half of 2015 hit 6.3m sq ft – the highest level in 17 years.

With leasings in the second quarter of 2015 reaching 3.3m sq ft.

The increase in office leasing has been propelled by firms moving to the east of London – with take-up of office space in east London at 1.2m sq ft.

The 2015 General Election also seems to have had an affect, with office space leases increasing by a quarter since the 2015 General Election.

Financial services firms including PTJ Partners, HSBC and the Commonwealth Bank of Australia have all leased new office space in the period.

With Deutsche Bank also leasing its largest London office space yet at Canary Wharf in the second quarter. The German Bank finally deciding on leasing 350,000 sq ft at 10 Upper Bank Street after two decades of searching.

Firms in the media and technology sector have also been grabbing headlines, with the likes of Facebook making the move to new London office space in 2015.

Despite prices of office space in London proceeding to rise, the demand for commercial property in UK’s capital is very much continuing to grow.

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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