Central London office lettings in August 2018 reached just over 750,000 sq ft from 40 mid-large size office transactions (5,000 sq ft+) during the month. The August 2018 figure is below the current monthly London average of 1m sq ft.
August was characterised by 9 office deals over 20,000 sq ft, which were led by the Investec’s 123,000 sq ft deal to pre-let 55 Gresham Street, EC2, N1; Competition and Markets Authority 105,000 sq ft deal at 25 Cabot Square, E14 and Hiscox’s 75,000 sq ft pre-let at 22 Bishopsgate, EC2.
Financial services topped the table of lettings by sector, compiled by Metropolis, underpinned by the Investec deal. This was followed by business services led by a number of lettings to Office Space in Town and LEO. Insurance, professional and media were also well represented. Office deals ‘under offer’ in central London increased to 3.9m sq ft, and pending deal volumes are healthy in nearly all sub-markets, with a number of deals pending.