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Central London Office Market Report Q1 2020 1
Central Londonoffice market reportQ1 2020
Central London Office Market Report Q1 20202 Central London Office Market Report Q1 2020 3
The COVID-19 pandemic has created a material uncertainty in real estate market performance.
Across Europe, there is considerable variation in the extent of the human tragedy implications unfolding and its impact on economic activity, including the trajectory, duration and extent of these impacts on all real estate sectors. With varying policy responses across the region and the mitigating implications differing by market and sector, it is too early for us to provide a quantitative and robust assessment of value impact on 31st March, our survey date.
In this context, the JLL Q1 2020 real estate performance indices have been held at Q4 2019 values, except where there has been sufficient evidence at sector and market level to make appropriate any reliable adjustments to figures.
We will talk to the evolution of the market throughout Q1 in our reporting and will be continually monitoring market movements as the situation evolves to inform our ongoing view of pricing. We will be updating our forecasts, albeit these will be directional at this time, broadly reflecting any meaningful changes to the underlying fundamentals.
Issue to watch - COVID-19 pandemic
The UK economy has effectively been placed in suspended animation until normality can resume, with the government taking dramatic steps to ensure that businesses don’t go bankrupt, people don’t lose the ability to contribute to society and individuals don’t lose their livelihoods or their homes.
Sentiment has plummeted in the wake of COVID-19, with the IHS Markit/CIPS UK Services PMI falling to just 34.5 in March, which is the lowest level on record and was also the fastest ever monthly fall (decreasing from 53.2 in February). This and other poor confidence measures have filtered through to economic forecasts, with the UK, in line with all global economies, expected to see a sharp fall in economic activity during 2020.
How the office market responds remains to be seen and will be influenced by the severity and length of any economic downturn. At this stage, we can look back to previous recessions to provide some guidance as to how markets have behaved to try to put today’s market into context.
We know that in previous downturns, most notably the early 1990’s recession and the global financial crisis (GFC), vacancy rates increased sharply due to a combination of slower leasing activity and high volumes of speculative development underway at the entry point. It is interesting to note that the current Central London vacancy rate is similar to the entry point of the GFC, but what is different is the
Impact of previous economic downturns on Central London office market supply and demand Office markets: immediate impact
Central London Office Market Report Q1 20202
2020-2022 speculative development includes schemes under construction as at March 2020 and reduced by year of completion.
*2020-2022 supply forecasts as at February 2020 and for indicative purposes only.
volume of speculative development currently underway. At the start of the GFC in Q2 2008, there was 12.6 million sq ft of speculative space under construction, compared to just 7.0 million sq ft today.
Construction is one area where we are seeing short term disruption, with many office developments and internal fit-out projects already incurring delays. Disruption to the supply chain and a decrease in available workforce will continue for the foreseeable future. In Central London, many construction firms are self-regulating and suspending some or all of their schemes. While at this stage it is too early to say what impact this will have on individual scheme completion dates, we expect the pipeline to be pushed out by 1-3 months. Given the low vacancy rates, any delay to office completions will add to the pressure on supply, and support rents if the slowdown is short-lived.
In previous downturns, the volume of tenant-led supply being returned to the market had a material impact on vacancy rates and rental values. In 2008/9, the volume of second-hand space doubled to 14.7 million sq ft in 18 months resulting in a peak vacancy rate of 9.1%. But contrast 2008 with today, where corporates have a greater emphasis on utilisation and densification of space which has driven efficiencies and resulted in limited excess space in portfolios. For vacancy rates to follow the same trajectory recorded in
the GFC and reach over 9% by the end of 2021, supply will need to increase from today’s level of 10.1 million sq ft to over 21 million sq ft.
How occupiers respond will depend upon the speed and shape of the recovery - whether we see a short bounce-back, which is likely to see a quicker return to business as usual or a more prolonged economic downturn which is more likely to lead to job losses, with a consequential release of sublease space. Longer-term, COVID-19 will no doubt force many companies into considering how they occupy office space, with issues such as flexibility, densification and employee health and well-being positioned front and centre of any future real estate strategy.
There are many questions that we cannot definitively answer yet and all will have significant real estate implications. Human, economic and business impacts are inevitable, but new measures, policies and procedures, and investing in the right infrastructure, will help mitigate risk in the short and longer-term.
We will continue to monitor the situation on the ground and will provide updates on new and emerging trends as this situation evolves.
Central London Office Market Report Q1 2020 3
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New supply Second-hand supply Speculative development Take-up
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sq ft
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Work-from-home initiatives
Stalled projects and reduced cap-ex
Social distancing, expanded remote work and more sq ft per person
Central London Office Market Report Q1 20204 Central London Office Market Report Q1 2020 5
Central London overview
Leasing activity slows Across Central London there was just 1.7 million sq ft of take-up in Q1, the slowest start to the year since 2011. Volumes were down 22% on the Q1 10-year average (2.2 million sq ft) and were 25% below the same period in 2019. The downturn in leasing cannot be directly attributed to COVID-19, given that most of the quarter was functioning under normal circumstances.
Despite the West End, City and East London all seeing quarter-on-quarter declines in leasing volumes, the City started the year some 23% ahead of Q1 2019. This was primarily due to Linklaters pre-leasing 307,000 sq ft at 20 Ropemaker Street, EC2. As a result of this transaction and a few other pre-let deals, pre-leasing remained a key driver of activity, accounting for 27% of quarterly volumes.
There were few larger transactions this quarter, which goes some way to explain the contraction in leasing activity, with just six deals signed in excess of 25,000 sq ft, compared to a Q1 5-year average of 18 deals. The other factor that contributed to the low volumes was a significant decline in activity from the flexible workplace sector, which accounted for just 3% of volumes (53,000 sq ft). This was sharply down on the five-year quarterly average leasing share of 16%.
On a more positive note, under offers rose by 30% quarter-on-quarter, to 3.2 million sq ft at the end of Q1. Of this, just under 1.8 million sq ft was under offer on pre-let stock. Active demand also remained high at 9.9 million sq ft, of which over half is structural and driven by a lease event. Nevertheless, given the current unprecedented circumstances, many of these under offer transactions may take longer to complete than usual and some active demand may be deferred or aborted as the true extent of COVID-19 becomes clear.
Supply remains lowThere was a marginal uptick in the vacancy rate to 4.3%, up from 4.1% at the end of 2019. This upturn was evident across all three major markets, but both the City and West End remain characterised by sub-4.0% vacancy while East London saw vacancy rates in excess of 11% by quarter end. The new vacancy rate was stable at just 0.7%, with both the City and West End recording a new vacancy rate of below 0.5%.
Looking forward, speculative space under construction reached 6.9 million sq ft, which was a 6% increase over the quarter. While a number of schemes started on site early in the quarter, totalling just under 1 million sq ft, the volume of speculative completions was at a historical low. Many construction firms are temporarily halting work on sites across Central London. Given that new vacancy is currently low, any delay to office development completions will add to this pressure on supply.
Flex share of take-up
28%
Q2 2017 Q3 2019 Q1 2020Q4 2017
28%29% 3%
Central London take-up activity
0.0
2.0
4.0
6.0
8.0
10.0
12.0
2016 2017 2018 2019 2020
Mill
ion
sq ft
Q1 Q2
Q3 Q4
Under offer
Q1 average 2011-2020
Central London vacancy rates
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Overall vacancy New vacancy
10-year average - new10-year average - overall
Pause in investment activityDespite a strong start to the year, COVID-19 has disrupted the investment market, with a number of sales stalling over the last few weeks. Overall in Q1, investment volumes were subdued, totalling just £2.3 billion which was 19% below the Q1 10-year average. Nevertheless, Q1 volumes were in line with quarterly volumes recorded during most of 2019, when the first three quarters averaged circa £2.5 billion before the market saw a temporary resurgence in Q4.
There were seven transactions in excess of £100 million in Q1, and these accounted for 60% of all volumes. The largest deal completed was L&G’s purchase of Sanctuary Buildings, 16-20 Great Smith Street, SW1 for £300 million.
Global headwinds have seen international investors, particularly from Asia, behave more cautiously, and during Q1, overseas investors were responsible for 62% of volumes. Nevertheless, five of the seven largest transactions were sold to international investors, with German investors most active. In total, German capital accounted for 20% of investment during Q1.
A number of significant transactions went under offer during the COVID-19 outbreak but these may take longer to sign, or indeed may be withdrawn, though it remains to be seen if there has been any material impact on pricing terms.
Prime yields in the City moved in 25 basis points to 4.0% across all lot sizes in February prior to the COVID-19 crisis and remained unchanged for the end of the quarter, while West End yields were held at 3.5%.
Prime rents have been held stable for the quarter at £75.00 per sq ft for the City and £117.50 per sq ft for the West End.
Central London investment volumes
OverseasUK10-year Q1 average Overseas as % of total
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0.00.51.01.52.02.53.03.54.04.55.0
2011Q1
2012Q1
2013Q1
2014Q1
2015Q1
2016Q1
2017Q1
2018Q1
2019Q1
2020Q1
£ bi
llion
5-year quarterly average16%
Central London Office Market Report Q1 20206
Key transactions
1 New Oxford Street, WC1
Tenant: Credit Karma
Size: 11,473 sq ft
Rent: Confidential
Sanctuary Buildings, SW1
Price: £300.00 million
Purchaser: Legal & General
After an extensive London wide search, JLL advised Credit Karma UK on their acquisition of a new London HQ at 1 New Oxford Street, WC1. Having considered both managed and traditional office solutions, moving into the fitted first floor suite, on a sublease, provided flexibility to account for Credit Karma’s ambitious growth plans. The building is well-connected sitting between Tottenham Court Road and Holborn tube stations.
JLL were delighted to execute the sale of this asset for a significant profit, having acted on behalf of Hana Alternative in the purchase less than 12 months prior. The opportunity received broad interest from across the globe, including Asia and the Middle East. Long income of this nature is increasingly hard to secure and, with a 350bps margin over treasury gilts, it proved attractive to the market. Legal & General were ultimately successful and add the building to their ever-growing portfolio of government tenanted assets. A highly successful project with multiple JLL service lines involved, including Debt Advisory.
Ed Smith
Senior Surveyor, Office Agency
Rob Corbett
Head of West End Investment
The Bailey, 16 Old Bailey, EC4
Tenant: IPG & Knotel
Size: 85,573 sq ft
Rent: Confidential
IPG Mediabrands wanted to accommodate their long-term headcount growth whilst retaining the look and feel of being in their own self-contained building. Knotel were brought in to partner with them and, on their behalf, JLL acquired the whole of The Bailey, enabling IPG Mediabrands to expand into the building as required over time. This is the first time this deal structure has been agreed on this scale in London, a combination of traditional lease and partnering structure.
JLL successfully completed the off-market sale of the prime long leasehold interest at 7-10 Waterloo Place, SW1, on behalf of Barings Real Estate at a market leading price. Barings’ comprehensive refurbishment and reconfiguration created a ‘best in class’ mixed-use building with an abundance of period features. JLL have been involved with this asset throughout its transformation, advising on the purchase in 2015 and executing a successful leasing campaign at rents ahead of expectations.
7-10 Waterloo Place, SW1
Price: £71.00 million
Purchaser: Cara Real Estate
Tom Curry
Director, Tenant Representation
James Buckey
Director, West End Capital Markets
Central London Office Market Report Q1 2020 7
Central London Office Market Report Q1 20208 Central London Office Market Report Q1 2020 9
West End overview
Subdued take-upTake-up volumes were subdued in the first quarter of the year, reaching just 522,000 sq ft, below the 10-year quarterly average of 901,000 sq ft. Take-up has been falling for the past four quarters and is now at its lowest level since Q2 2012.
The TMT sector leased the most space and accounted for 40% of take-up. This was followed by the services industry and banking & finance, which had shares of 20% each.
Pre-leasing activity was muted during the quarter, accounting for just 7% of take-up compared to the 10-year quarterly average of 25%. There was one pre-let deal during the quarter in which Google acquired 34,000 sq ft at Q1 Handyside Street in King’s Cross in February.
There was little activity in the flexible workplace sector, with flex accounting for just 3% of take-up in a single deal compared to the 5-year average of 17%. The flexible workplace sector has boosted take-up in the West End over the past few years, although it is too early to say whether the Q1 data represents the start of a slowdown in the sector or is just an anomaly.
The level of under offers stood at 917,000 sq ft, above the 10-year average of 700,475 sq ft. These transactions may take longer to conclude than normal in the current circumstances.
Active demand reached 3.6 million sq ft and was above the 10-year average of 3.3 million sq ft. The TMT sector was the most active, accounting for 30% of floorspace required. This was followed by the banking & finance sector at 27%.
West End Q1 take-up
West End pre-leasing
West End active demand by sector
Flex workspace Public administration
TMT
Services industry excluding flex
Manufacturing
Banking and finance Professional services
30%
27%
16%
9%
6%
6%6%
2016 2017 2018 2019 2020
Take-up 10-year average
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Mill
ion
sq ft
Q1 Q1 Q1 Q1 Q1
Under construction Off-site Share of overall take-up
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Q1
Mill
ion
sq ft
Vacancy increases slightlySupply increased by 10% to 3.5 million sq ft due to a rise in second-hand space brought to market. As a result, the vacancy rate rose to 3.7% but remains below the 10-year average of 4.0%. New supply also remained scarce with the new build vacancy rate standing at 0.4%, below the 10-year average of 0.8%.
Investment volumes subdued in Q1Investment volumes reached £1.1 billion across 15 transactions in Q1, below the 10-year quarterly average of £1.4 billion but above the figures reached during the first quarter of the past two years.
UK investors were the largest source of capital, accounting for 67% of volumes across 11 deals. The largest asset bought by a UK investor was Sanctuary Buildings, SW1. The building was sold to Legal & General for £300 million in January and this was also the largest transaction of the quarter. Investors from the USA, Germany, Switzerland and Lebanon were also involved in purchases across the West End.
Speculative development completions amounted to 65,250 sq ft. Given that this is significantly below the 10-year quarterly average of speculative completions (210,170 sq ft), it will do little to alleviate the tight supply conditions.
Development completions in 2020 are expected to total 2.1 million sq ft, but with 73% of this space already pre-let, it is likely that very little new supply will reach the market this year. The future pipeline is also becoming more limited with 40% of the 2021 pipeline and 21% of the 2022 pipeline already pre-let. It is too early to say what the impact of COVID-19 related construction delays will have on individual scheme completion dates.
West End vacancy rates
Prime rents unchanged in Q1Prime rents in all submarkets have been held stable, with the rents in the core at £117.50 per sq ft (assuming a 10,000 sq ft floor plate and a 10-year term).
West End development pipeline
2020 2021 2022 2023
40% pre-let
21% pre-let73% pre-let
3% pre-let
West End investment volumes
£1.0 billion Q1 2018
£0.7 billion
Q1 2019
£1.1 billion Q1 2020
£1.4 billion10-year
quarterly average
Investment volumes
by purchaser nationality
Q1 20201%Lebanon
UK
67%
USA
23%
Germany
Switzerland
7%
2%
Overall vacancy New vacancy
10-year average - new10-year average - overall
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20200.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Central London Office Market Report Q1 202010 Central London Office Market Report Q1 2020 11
City overview
Take-up broadly in line with Q1 averageTake-up totalled 1.1 million sq ft, 26% lower than the 10-year quarterly average of 1.5 million sq ft, but 23% ahead of the first quarter in 2019 when take-up reached 893,000 sq ft. Professional services occupiers were most active, leasing a total of 520,000 sq ft in 16 transactions, more than double any other business sector. Linklaters’ pre-let of 307,000 sq ft at 20 Ropemaker Street, EC2 in February accounted for a major share of this total.
The TMT sector leased a further 202,000 sq ft in 13 transactions, including 86,000 sq ft acquired by IPG at The Bailey, EC4, also completing in February. In a reversal of a recent trend, the level of demand from flexible workspace providers slowed, with take-up reaching 37,000 sq ft, representing just 3% of quarterly take-up, compared to 26% in Q1 2019. The level of under offers increased 36% to 2.1 million sq ft and is now 55% ahead of the 10-year average of 1.4 million sq ft.
Legal sector underpinning demandOverall demand increased 5% to 9.6 million sq ft, compared to 9.1 million sq ft at the end of 2019. The quarterly increase was driven by an 11% uptick in active demand, which ended the quarter at 7.1 million sq ft, and is now 15% ahead of the 10-year average. Potential demand fell 10% to 2.5 million sq ft, 25% below the 10-year average, which could be partly attributed to requirements activating searches earlier, due to the low vacancy rate and limited development pipeline. Professional services accounted for the largest share of active demand at 38%, driven largely by law firms, with 1.9 million sq ft required from 24 occupiers.
Uptick in vacancy but remains close to record lowThe vacancy rate increased to 3.5%, from a record low of 3.3%, but remains significantly lower than both the 10-year average of 5.6%, and 5-year average of 4.2%. Supply of new build space remains restricted with 457,000 sq ft immediately available, reflecting a vacancy rate of 0.4%, its lowest level since 2007.
City Q1 take-up
City active demand by sector
While both under offers and active requirements are ahead of average, this is unlikely to translate into a strong second quarter due to the COVID-19 crisis. We expect transactions to take longer to conclude than in normal circumstances, and slower decision making for active requirements, with many now temporarily on hold.
City vacancy rates
5.6%10-yearaverage
3.5%Q1 2020
4.2%5-year
average
Flex workspace Public administration
TMT
Services industry excluding flex
Manufacturing
Banking and finance Professional services
38%
23%
19%
7%
7%
4%1%
Take-up 10-year average
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Q1 Q1 Q1 Q1 Q1
2016 2017 2018 2019 2020
Mill
ion
sq ft
Highest quarterly development starts for three yearsPremier Place, EC2 was the only development completion, although the entire 200,000 sq ft has been pre-leased to Jane Street Capital (142,000 sq ft) and Squire Patton Boggs (58,000 sq ft). Development starts reached their highest total since Q4 2016, with development underway on nine schemes totalling 1.3 million sq ft, including 20 Ropemaker Street, EC2 (398,000 sq ft), which is scheduled to complete in 2023, and the refurbishment of 2 Gresham Street, EC2 due for completion in 2021. The higher level of development starts underpinned an 8% quarterly increase in the level of speculative development underway to 4.5 million sq ft.
Prime rents stable Prime rents and incentives have been held at £75.00 per sq ft, with 24 months’ rent free on an assumed 10-year lease.
Low investment turnover in Q1Investment volumes totalled £1.1 billion, a fall on the strong final quarter of 2019, when turnover reached £3.1 billion, but ahead of the £0.9 billion traded in the equivalent period in 2019. There were three transactions completed in excess of £100 million, accounting for over half of quarterly turnover. The largest saw a 50% share in Watermark Place, EC4 purchased for £252 million, by Union from Oxford Properties, reflecting a net initial yield of 4.77% and a capital value of £938 per sq ft.
European (excluding UK) buyers, led by Germany, were most active, accounting for the six largest transactions totalling £820 million. There were six transactions involving UK buyers
City development starts
Investment volumes
by purchaser nationality
Q1 2020
totalling £100 million, with half of this total accounted for by Rockwell’s purchase of the Salvation Army site at 101 Newington Causeway, SE1 for £50 million, reflecting a capital value of £550 per sq ft.
Prime yields moved in 25 basis points to 4.00% across all lot sizes in February, prior to the COVID-19 crisis, and remained unchanged for the end of the quarter.
City investment turnover
7%Qatar
Germany
36%
Switzerland
9%
UK
14%
18%Greece
1%Other
Slovakia
6%
Japan
2%
Hong Kong
3%
4%China
Development starts 5-year average
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
Q2
2019
Q3 Q4 Q1
2020
Mill
ion
sq ft
£0.0
£0.5
£1.0
£1.5
£2.0
£2.5
£3.0
£3.5
Q1 Q2 Q3 Q4 Q1
2019 2020
£ bi
llion
Central London Office Market Report Q1 202012 Central London Office Market Report Q1 2020 13
East London overview
Subdued leasing activityTake-up was subdued in the first quarter, reaching 75,000 sq ft. This was 72% lower than the 10-year quarterly average, albeit take-up is typically more volatile than the City and West End markets. All four of the quarter’s transactions involved tenants from the public administration and institutions sector, including 32,500 sq ft leased by Anglia Ruskin University at Import Building, E14.
Robust demand underpinned by wider search areasOverall demand remained unchanged at 4.7 million sq ft, 41% ahead of the 10-year quarterly average of 3.3 million sq ft. Within this, active demand increased 12% to 3.7 million sq ft, while potential demand fell 28% to 1.0 million sq ft, reflecting a change in the status of some requirements. The above-average demand reflects the wider search areas of many companies, with 77% of active requirements also considering options in the City or West End.
Above-average supply Supply increased marginally to 2.4 million sq ft, reflecting a vacancy rate of 11.1% which is significantly higher than the 10-year average of 7.4%, and the City (3.5%) and West End (3.7%) markets.
There were no development starts or completions during the quarter. There are two major schemes currently under construction speculatively, comprising 20 Water Street, E14 (215,000 sq ft) and Cargo, North Colonnade, E14 (346,000 sq ft), which are both due to complete in Q3 2020.
East London Q1 take-up
Three-tiered rental marketCanary Wharf, the benchmark for East London, remains a three-tiered rental market. Prime rents were held at £51.00 per sq ft. Tenant controlled supply is being marketed at rents from £42.50 per sq ft and continues to restrict rental growth, while pre-let supply is being marketed at rents of £59.50 per sq ft.
There were two major investment transactions completed in Q1 totalling £168 million, with most of this total accounted for by Art-Invest’s purchase of Canada Water Dock, SE16 for £140 million.
East London vacancy rates
East London rental bands
£51.00 per sq ftPrime rent
£42.50 per sq ft+Tenant controlled
£59.50 per sq ft+Pre-let
Take-up 10-year average
0.0
0.1
0.2
0.3
0.4
Q1 Q1 Q1 Q1 Q1
2016 2017 2018 2019 2020
Mill
ion
sq ft Overall vacancy New vacancy
10-year average - new10-year average - overall
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Rental conditions in Central London
2 Kensington & Chelsea
£72.50
£118.59
3 Paddington
£75.00
£109.56
16 Euston
£75.00
£114.13
17 Bloomsbury
£85.00
£121.82
18 Camden
£60.00
£93.80
8 Vauxhall
£60.00
£86.38
9 Waterloo
£65.00
£90.34
22 Western
£77.50
£112.25
23 Southern
£70.00
£104.75
24 Southbank
£70.00
£104.50
6 Battersea
£57.50
£82.73
5 Belgravia & Knightsbridge
£82.50
£133.64
21 City Midtown
£72.50
£109.59
20 Clerkenwell
£80.00
£109.47
19 King’s Cross
£85.00
£125.29
12 Covent Garden
£85.00
£124.13
11 Soho
£95.00
£142.25
27 Aldgate
£62.50
£93.29
26 Eastern
£75.00
£107.41
25 Central
£72.50
£108.42
15 Marylebone
£72.50
£105.84
14 North of Oxford Street
£90.00
£138.40
1 Hammersmith
£58.00
£88.32
7 Victoria
£80.00
£119.13
4 Mayfair
£117.50
£177.49
10 St James’s
£117.50
£177.49
13 Fitzrovia
£90.00
£132.61
30 Stratford
£46.50
£67.13
31 Canary Wharf
£51.00
£76.23
29 Shoreditch
£72.50
£98.66
28 Northern
£75.00
£107.41
BATTERSEAPARK
HydePark
GreenPark
The Regent’sPark
HampsteadHeath
WormwoodScrubs
Park
ClaphamCommon
VictoriaPark
Queen ElizabethOlympic Park
FinsburyPark
WimbledonCommon
GreewichPark
BrockwellPark
RIVER THAMES
RIVER THAMES
Canary Wharf
Stratford
eeyyrr
£90-100+
0
12
3
4
6
7
8
9
10
11 12
13
15 16
19
20
2223
24
25 27
30
31
2829
26
21
17
18
5
£100+£90-99£80-89£70-79£60-69£50-59Sub £50
King’sCross
Camden
Euston
Mayfair
Belgravia &Knightsbridge
St. James
Soho
CityMidtownCovent
Garden
Marylebone
Paddington
Bloomsbury
Fitzrovia
Clerkenwell
Western
Southern
Southbank
Waterloo
Vauxhall
Victoria
Battersea
Hammersmith
Kensington & Chelsea
EasternAldgate
Central
Shoreditch
Northern
Prime rent
14North ofOxfordStreet
Central London Office Market Report Q1 202014
ContactsLeasingNeil PrimeHead of Central London Markets +44 (0)20 7399 5190 [email protected]
Dan BurnHead of City Agency
+44 (0)20 7399 5966 [email protected]
Chris ValentineHead of West End Agency
+44 (0)20 7087 [email protected]
Lease AdvisoryGeoffrey PentecostDirector - Lease Advisory
+44 (0)20 7399 [email protected]
Nicholas SmithDirector - Lease Advisory
+44 (0)20 7087 5762 [email protected]
Capital MarketsJulian SandbachHead of Central London Capital Markets
+44 (0)20 7399 5973 [email protected]
Rob Jackson Head of City Capital Markets
+44 (0)20 7399 5029 [email protected]
Rob CorbettHead of West End Capital Markets
+44 (0)20 7399 5545 [email protected]
ResearchJon NealeHead of UK Research
+44 (0)20 7087 5508 [email protected]
Elaine RossallHead of UKOffices Research
+44 (0)20 3147 1666 [email protected]
James NortonDirector UK Research
+44 (0)20 7087 5033 [email protected]
Amy BirdeeAssociate DirectorUK Research
+44 (0)20 7087 5098 [email protected]
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