London Offices Crane Survey Sentiment Remains Positive

London Offices Crane Survey Sentiment remains positive

Winter 2012 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below.

Market overview

This latest Crane Survey records a pause in the large increases in construction activity we have been reporting over the last eighteen months. However, whilst lower than the last survey, the volume of new starts over the last six months suggests that developers and investors still have confidence in the returns available in the London office market.

2012 Winter – Office space under construction

Total U/C (sq ft) Let U/C (sq ft) Available U/C (sq ft)

City 4,081,000 1,020,000 3,061,000

Docklands 540,000 250,000 290,000

King’s Cross 474,000 272,000 202,000

Midtown 607,000 45,000 562,000

Paddington 31,000 31,000 0

Southbank 994,000 106,000 888,000

West End 2,308,000 476,000 1,832,000

Total 9,035,000 2,200,000 6,835,000

Ofﬁce space under construction Million sq ft

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0 City Docklands King’s Cross Midtown Paddington Southbank West End

12 months ago (Winter 2011) 6 months ago (Summer 2012) Today (Winter 2012)

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With the volume of new starts matching the completion Helping sustain confidence in the development market levels recorded since the last survey the total amount of is the continued flow of encouraging news detailing space under construction has remained relatively flat; leasing activity at the schemes under construction. falling by just 2% to 9 million sq ft. This pause in activity The data shows that 24% of the space under will come as a relief to those who were concerned about construction is already let prior to completion and we the strong increases in development over the last couple are monitoring a number of requirements that, once of years – construction has quickly climbed from the all transacted, will further reduce the volume of floorspace time low recorded two years ago to reach long-term available to let. average levels. Despite these leasing deals on new space, total This should not, however, be seen as a reduction in transactional activity remains low and whilst the general confidence in the market: this report details 25 new consensus is that the level of development activity is starts, some way above the 10‑year average of 18 per ‘manageable’ – i.e. not too high given the weak market survey. Developers clearly remain focused on delivery conditions – there remains a very real concern about the of additional office space into the London market over depth and breadth of tenant demand. For every deal that the next 18 months and, indeed, our research suggests completes there seems to be another that fades away. further new starts are imminent across central London. Corporates remain clearly focused on defensive balance sheet strategies: our latest CFO Survey shows that The trend identified in the last survey, of refurbishments increasing cash flow, cutting costs and reducing leverage being favoured over ground‑up new construction are now stronger priorities than at any time in the last continues with 15 of the new starts being refurbishment three years. Delivering the right space at the right price, in projects. The average size of development started the right location remains key. in this survey has fallen to 62,000 sq ft, 40% below the average size seen six months ago. Principally, this is a result of the number of refurbishment schemes recorded or conversely the low number of larger new builds starting, reflecting an appetite for less risk. Refurbishments now account for 25% of all space in development.

Market by numbers

new construction Total available space under construction down ‑ 4.2% 25 starts

Construction activity of office space up on a year by 9m sq ft under construction 26%

Completed office of space being developed space in the past 25% is refurbishment space six months totals 1.7m sq ft

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The City

The City is one of only three markets to record an increase in construction activity over the last six months (the others being King’s Cross and Midtown). The total level of office space now under construction has risen to 4.1 million sq ft, a 30% increase on the same point last year and the first time it has risen above four million sq ft since Q1 2009.

Construction levels have been bolstered over recent The largest of these is MGPA, CarVal and Quadrant’s years by developers looking to refurbish existing joint venture at Moorgate Exchange, 72 Fore Street, buildings rather than demolish and rebuild. This route with 220,000 sq ft scheduled to complete at the start of is often quicker and cheaper with sites with a frame 2014. Moorgate Property Unit Trust has started works that can be reused. This trend continues in this report on 138,000 sq ft at 8‑10 Moorgate and Viridis Real with six of the nine new starts recorded this survey Estate have commenced construction of 67 Lombard being refurbishments. These include QV Unit Trust’s Street. The addition of these schemes in the pipeline 187,000 sq ft at 71 Queen Victoria Street and its brings the total volume of floorspace in new builds to next door neighbour, CBRE Investors’ 30,000 sq ft just over 3 million sq ft of the 4.1 million sq ft currently at 77 Queen Victoria Street, while, Great Portland being built. Estates and Starwood Capital have started on the significant refurbishment of 80,000 sq ft at City Tower, While construction levels continue to increase, the 40 Basinghall Street. All of these are scheduled for decision to defer many scheme starts during 2009 and completion in 2013. Of the current construction activity, 2010 means that completions remain low. With just refurbishment schemes now account for 14 of the 458,000 sq ft delivered in the year so far, and with only 27 schemes being built in the City. 260,000 sq ft scheduled to finish before the end of December, 2012 is set to have the lowest level of office Despite being less numerous, new build schemes are completions in the City in over 25 years. 2013 will see generally larger and, indeed, the bulk of the floorspace completions begin to increase again with 1.5 million sq ft that has started in this Crane Survey is attributed to scheduled to be delivered and in 2014 it will jump to three new build projects. over 2 million sq ft with the completion of 20 Fenchurch Street and The Leadenhall Building.

Development pipeline Million sq ft

3.5

3.0

2.5

2.0

1.5

1.0

0.5 0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Completed Available U/C Let U/C

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Of the five schemes that have finished in this survey, two The City – volume under construction % have already been let. The Nationwide Building Society have taken the entire 49,000 sq ft at SEB Investment’s

refurbishment of 1 Threadneedle Street, while Odgers 25% Berndtson have also taken the entire building at the Allied London & Aerium scheme, 20 Cannon Street. Since the last Crane Survey, Land Securities and Canary Wharf Group have achieved lettings at their 20 Fenchurch Street development to insurers Markel 75% International and RJ Kiln Group, who will occupy a combined 130,000 sq ft of space with further deals nearing completion.

Let U/C Available U/C However, while some landlords are letting space, others in the City are finding it more challenging in an environment where the traditional mainstay of The City – Number of new starts per crane survey demand, the financial sector, is largely in retreat. A large floorplate in a ‘financial building’ may now attract 13 limited interest and so be priced competitively, whilst a smaller floorplate in an ‘insurance building’ may attract

a rent that is 10-20% higher for space of a comparable 9 quality. This difference in pricing makes it difficult to attach just one prime rent for the City. 7

5 The 27 schemes currently under construction in the City are entering a market very different from just five years ago. The dynamics have shifted, from the type 0 of tenant active in the market, the rate in which deals 2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3 are undertaken, the amount of space required by these tenants and the location and specification of that space.

Market by numbers

new construction Total number of 9 starts development schemes 27

Construction activity of office space up on a year ago by 4m sq ft under construction 30%

Completed office of space being developed space in the past 24% is refurbishment space six months totals 305k sq ft

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West End

New construction activity in the West End has slowed over the summer with eight new starts totalling 271,000 sq ft representing the lowest volume in two years. This, coupled with a high volume in the past six months, means the total quantity of space under construction has fallen by 14% since the last survey to 2.3 million sq ft.

As in the City, refurbishments dominate with just Leasing in core Mayfair in particular continues to be three of the eight new starts being new builds. slow with tenants looking to less expensive parts of These ground‑up schemes are being developed by the West End, with Noho and Victoria attracting letting experienced West End developers: Great Portland Estates success. at Walmar House on Regent Street, the Grosvenor Estate in a joint venture with Stow at 29‑37 Davies Street, and Whilst the delivery of new space over the last 18 months British Land at 30 Brock Street. has been relatively low, 2013 will see 1.7 million sq ft complete: the highest level of development completions Eight schemes totalling 573,000 sq ft have completed in over seven years. This reflects positive developer since our last Crane Survey. Further letting success has confidence in the market. However, it is likely that this been recorded in these finished buildings with the delivery will temper rental growth – particularly at the CDC Group joining Jimmy Choo as tenants at the Land top end of the market. Securities’ refurbishment of 123 Victoria Street and Tag Worldwide leasing the whole of Prupim’s 1 Poland Street. The West End market continues to see a diverse range of tenant types leasing space but, like other London sub-markets, transaction volumes remain some way down on the long term averages.

Development pipeline Million sq ft

2.5

2.0

1.5

1.0

0.5

0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Completed Available U/C Let U/C

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Capital values in the West End have recovered West End – volume under construction % significantly over the last couple of years and indeed in certain areas are back to the pre‑crash highs. 21% However, these values continue to be outstripped by the boom in prime residential values which are advancing at an even faster rate. Unsurprisingly, this has led to landlords, developers and speculators looking at the opportunity of replacing office space with higher 79% value residential units. This is not a new concept but an increasingly more prevalent one given the strong values currently being achieved for residential. With the planning environment open to this change, we expect Let U/C Available U/C to see further instances of office conversions to residential use once leases have expired. West End – Number of new starts per crane survey Despite a fall in construction volumes in this survey the

current level of 28 schemes under development is up 13 from the 23 recorded a year ago. However, 21% of this space is already let and we expect further leasing deals 10 to complete prior to delivery. In short, we do not believe the market is significantly over‑delivering despite the 8 8 weak occupier market. Furthermore, we are monitoring a number of schemes that will start over the next few months, highlighting the widespread developer and investor confidence in this truly diverse market. 3

2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3

Market by numbers

new construction Total number of 8 starts development schemes 28

Construction activity up of office space on a year ago by 2.3m sq ft under construction 2%

Completed office of space being developed space in the past 19% is refurbishment space six months totals 573k sq ft

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Midtown

Midtown has recorded four new starts in this Crane Survey. There is now 607,000 sq ft under development across nine schemes. This reflects a 32% increase in volume since our last survey and brings construction activity up to the 10‑year average level.

All four new schemes that have started are Particular success has been achieved at Prupim’s refurbishment projects, with a combined total of 2 Waterhouse Square, completed at the end of 2011, 244,000 sq ft. Refurbishments have become the where Skype have taken 88,800 sq ft alongside global dominant development in the Midtown market; of the PR firm Weber Shandwick who have recently signed up nine sites only one is a new build. These schemes have to take 63,800 sq ft in the building. relatively short programmes and so, at present, no new space is scheduled to be delivered post Q2 2013. The Midtown market appears to offer opportunities Current schemes can satisfy a wide appeal: ranging from for developers looking to start new schemes. There are 20,000 sq ft at GE Capital’s Lever House, 85 Clerkenwell no sites currently under construction and scheduled to Road, to 156,000 sq ft at London & Regional Properties’ be delivered in the latter half of 2013 or beyond, and 10 Bloomsbury Way. The latter is widely rumoured to there is a steady flow of registered occupier demand have attracted Saatchi & Saatchi in their closely watched and a relatively low level of existing Grade A supply. quest for space following a lease expiry at their current In addition, developers are already looking to the arrival headquarters on 80 Charlotte Street. of Crossrail at Farringdon and Tottenham Court Road in 2018. This will make Midtown extremely accessible and Indeed, take up levels remain robust in Midtown with undoubtedly further enhance its appeal. It is also worth media and technology tenants leading the charge: noting that the market is not immune from the possibility 29% of all space taken in the first nine months of the of office to residential conversions akin to the West End year are attributed to the TMT sector. market with strong demand for sites in the area.

Market by numbers

new construction Average size of 4 starts new start 61k sq ft

of office space Construction activity 607k sq ft under construction down on a year ago by ‑6%

Completed office schemes currently under space in the past 9 development six months totals 98k sq ft

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Southbank

The Southbank office market has recorded just one new start this Crane Survey, adding to the two recorded at the beginning of the year.

In total there are now four schemes under construction, The Southbank continues to gather pace with the latest addition to the pipeline being Dorrington headline‑capturing developments such as the mixed‑use Southsides’ redevelopment of the former St Ives House, Shard and the residential scheme Neo Bankside, Lavington Street which will provide 50,000 sq ft in mid- infrastructure improvements such as the Blackfriars 2013. This joins Great Portland Estates’ 240 Blackfriars Station development, the extension to the Tate Road, The Place and Archlane’s 290,000 sq ft Sea Modern and many other significant changes underway. Containers Upper Ground redevelopment. In particular, developers are showing a significant level of commitment to this market and it is expected that The total volume of development now under office occupiers will follow. construction totals 994,000 sq ft, a drop of 38% from our last survey as a result of a number of completions. The Shard delivered 589,000 sq ft of available office space in Q3 2012, Rockspring and Moorevale’s Harlequin Building, Southwark Street provides 55,000 sq ft of available space and Allies & Morrisons’ delivered 17,000 sq ft for their own occupation at Merchant House, also on Southwark Street.

Market by numbers

Total number of new construction development schemes 1 start 4

of office space Construction activity 994k sq ft under construction down on a year ago by ‑9%

Completed office space in the past 50k sq ft size of new start six months totals 661k sq ft

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Other markets

King’s Cross The King’s Cross office market continues to see new Market by numbers: King’s Cross development activity. Three new starts over the last six months take the total amount of space under construction to 474,000 sq ft across seven schemes, new construction an increase of 29% on our last Crane Survey. starts P&O Estates (IPOE) and Henderson Global Investors 3 have achieved letting success at their Regent Quarter scheme, leasing the latest phase of 84,000 sq ft to Macmillan Publishing Group. The development is scheduled to complete in stages from Q2 to Q3 2013. Argent’s King’s Cross Central scheme has kicked off two 474k sq ft speculative builds since the last survey. The plots, named B2 and B4 Pancras Square, will deliver 55,000 sq ft and of office space under construction 130,000 sq ft respectively. This is a further step forward for the site, where pre‑letting has already prompted two starts. Further activity is imminent with BNP Paribas increase in and AXA due to start construction of BNP Paribas’ new construction headquarters in the New Year and the rumoured deal volume in to sign Google for its new “Googleplex” is also in the six months pipeline. 29%

The market saw just one completion with Derwent London finishing their extensive 55,000 sq ft refurbishment at 4 & 10 Pentonville Road in Q3 2012, coinciding with a letting to Ticketmaster UK. The online 64 k sq ft ticket retailer took 47,700 sq ft on a 12‑year lease. average size of new start

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Docklands There is one scheme under construction in the Market by numbers: Docklands Docklands office market, Canary Wharf Group’s 25 Churchill Place. The part‑let building is scheduled for a 2014 completion. There is little sign of further new construction development activity in Docklands and with large parts starts of the finance sector retrenching it is unlikely that there 0 will be any significant speculative construction activity in the short-term. There is over one million sq ft on the market on the estate and further space available off market from occupiers. 540k sq ft One development that is clearly taking shape is the of office space under construction Crossrail station at Canary Wharf. This will greatly improve the capacity of the transport network serving Docklands and, once the line is open, is likely to be a change in catalyst to further phases of development activity across construction volume the market. 0% in six months Works to position the Wood Wharf development are also underway with the consultation and scheme under masterplanning phases on‑going and a planning construction application expected to be submitted in Q2 2013. 1 Paddington Just the one scheme is under construction in the Paddington market, DF Estates and JC Decaux’s Market by numbers: Paddington 31,000 sq ft scheme at Summit House, Praed Street. The completion of this development in Q4 2012 new construction will mark the end of a short period of activity in this starts market, with no new schemes expected to start imminently. Low letting activity has held back the 0 pace of development in recent years and it is likely that pre‑letting activity will be the driver of any further large‑scale construction in the short-term. 31k sq ft of office space under construction

change in construction volume 0% in six months

scheme under 1construction

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Capital markets

The commercial property investment market in central London has maintained its attractiveness to both national and international investors throughout the year.

Buying activity has seen two distinct camps develop City over the past few years. At the larger end acquisitions Investor appetite for properties in the City remains continue to be dominated by overseas purchasers strong and demand for trophy assets continues from seeking secure income on trophy assets. Much of this overseas buyers with interest in lots of circa £100 – capital hails from Asia with Malaysian, Korean and £200 million. Foreign investment in development Chinese investors coming to prominence in 2012 with projects is also becoming more frequent. High profile acquisitions such as 10 Gresham Street by Kumpulan schemes currently under construction with overseas Wang Amanah Pencen (KWAP) for £200 million. backing include The Leadenhall Building, 122 Leadenhall North American and Middle Eastern investors have also Street (a British Land/Oxford Properties JV), 20 Fenchurch remained active throughout the year, notably St Martins Street (Land Securities with investment from CIC) and Property Corporation, Brookfield, Oxford Properties and 8‑10 Moorgate (Mitsui). Further schemes are planned Blackstone. by Brookfield at 100 Bishopsgate, Principal Place and at London Wall Place in a JV with Oxford Properties. At the smaller end of the scale (sub £50 million), an increasing number of sales are attracting domestic The finished product remains highly sought after, with buyers, with property companies, asset managers, UK assets such as 5 Aldermanbury Square and Ropemaker institutions and private buyers all active. Deals that fall Place currently being quietly marketed which fall into into this category include the purchase of 3‑8 Whitehall this category. Investors are assured of long‑term income Place by the Trust for London for £20 million and with none of the development risk. A strong covenant Crosstree Real Estates’ purchase of 20 Golden Square, is vital in attracting purchasers of this type of product, also for £20 million. alongside property location and lease terms.

The Crane Survey results highlight the mix of investor/ Investors that are not risk averse continue to weigh funder profiles of the current schemes. UK property up the options of development and investment. companies continue to dominate current development, Adding value to a property and assessing the risk‑return alongside the large overseas backers such as the Qatari trade off is likely to become more prevalent for a National Bank, Oxford Properties and Blackstone. It is wider audience than just domestic players as investors these groups of investors who are developing on a become more familiar and confident in the market. larger scale. At the opposite end of the scale, it is the Co‑investment/consortiums are likely to be another UK institutions and smaller UK developers who are route that the capital‑rich overseas purchasers continue undertaking the refurbishment projects and the smaller to pursue. new builds.

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West End Investors are also purchasing office properties for Investment in office properties in the West End is another reason, namely conversion to residential. dominated by overseas purchasers with over £1.5 billion The rapid recovery in London’s prime residential market transacted in 2012 so far. One notable recent purchase over the past two years has exacerbated the pricing was the acquisition of 23 Savile Row by Plaza Global differential between the two property types, with the Real Estate for £220 million with joint venture partners difference often being greatest in the West End. LaSalle Investment Managers. Where planning will allow, residential conversions therefore represent an attractive development However, construction is dominated by the UK opportunity. property companies with 17 out of 28 schemes under development. In addition, property companies have been buying up space, transacting on £1 billion worth of deals in 2012. The West End continues to be the premier investment market attracting buyers from across the world, yet it is the UK property companies that are building the office space.

Key office developers (by amount of space under Key office developers (by amount of space under construction) construction and available to let)

1 British Land 1 Canary Wharf Group

2 Canary Wharf Group 2 Land Securities

3 Land Securities 3 British Land

4 Great Portland Estates 4 Qatari National Bank

5 Argent Group 5 Archlane Ltd

6 Qatari National Bank 6 Exemplar

7 Blackstone 7 Great Portland Estates

8 Archlane Ltd 8 AXA Real Estate Investment Managers

9 Oxford Properties 9 Sellar Property Group

10 Exemplar 10 Argent Group

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Outlook

The London office development market continues to perform well in the face of significant headwinds from the UK and European economies. Leasing activity remains some way below long‑term average levels but tenants continue to take enough space to spur confidence in additional development and for rents to rise slowly in certain sub‑markets.

Overall construction volumes may have remained static The insurance sector remains active but as well as since the last survey but the 25 new starts recorded those staying in their core EC3 locations there are a reflect the positive sentiment and availability of funds for number looking to the wider City market to satisfy their delivering office schemes. requirements. The well publicised march of the TMT sector, in particular digital media, is also beginning to The record low level of development starts over 2009 encroach on the edges of the City as their requirements and 2010 have meant that the delivery of new space grow. But the City is not the only market that is seeing has also been at a 25-year low over the last two years. change: Victoria is fast morphing from a public sector This has allowed the availability of new office space to enclave into an established market for corporates with reduce and prime rents to pick up from their 2009 low. significant letting success in recent months, Midtown is The latest survey shows how the increasing shortage of attracting traditional Soho occupiers, while the public new space and the attractiveness of some of the new sector, media and global banks will sit side by side in the schemes has led to ‘early‑let’ leasing activity on the new market being created at King’s Cross. buildings currently under construction. Over the last 12 months the proportion of the development pipeline The key question for most developers and investors that is let has leapt from just 3% to 24%. This, along is how demand will shape up over the months with the requirements active in the market, gives us ahead. Take‑up in 2012 is likely to struggle to reach confidence that the current levels of construction activity 2011 levels which fell below the long-term average. are ‘manageable’ even in this low growth environment. The closely watched Deloitte CFO Survey suggests that this is unlikely to change into 2013 with corporate The research for this latest survey also identified a UK remaining focused on defensive rather than number of schemes across central London that could expansionary policies. More positively, the results also soon be close to joining the committed pipeline, show that companies’ balance sheets generally look extending the delivery schedule out to 2015. This would healthy and financing costs are expected to stay low, be good news for tenants who are looking for certainty but until macro uncertainties subside it is unlikely this of delivery of space to move into. Yet there remain will turn into widespread growth in capital spending and questions as to how many speculative schemes will the associated demand for real estate. indeed get started in the next 12 months. So development strategies should remain focused One thing has been very clear over the last year: on the sectors that are expanding and the locations occupiers’ requirements are changing. They are that suit the demands of today’s active occupiers. increasingly showing a propensity to look outside what Efficient, appropriately specified, attractively designed many would consider their traditional market locations. and correctly priced new real estate will continue to The City, once the preserve of the banks and other parts attract those tenants that have active requirements. of the financial services industry, is seeing an increasing volume of technology occupiers drawn by affordable, flexible and well specified space.

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Central London development pipeline Million sq ft

10 9 8 7 6 5 4 3 2 1 0 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Completed Available U/C Let U/C

Central London – under construction % Central London – New build vs refurbishments %

24% 25%

76% 75%

Let U/C Available U/C New build Refurbishment

Central London: Total volume of ofﬁce space under construction (million sq ft)

9 9

2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3

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Development table

No. Scheme Postcode Developer Tenant Completion Total space Space available date sq ft sq ft Paddington – Under Construction 1 Summit House, Praed Street W2 DF Estates/JC Decaux JC Decaux Q4 2012 31,000 0 Total 31,000 – Paddington – Completed Total 0 0 West End Under Construction 2 14 Grosvenor Street W1 RMPI Ltd Q4 2012 13,000 13,000 3 33 Margaret Street W1 Great Portland Estates Savills Q4 2012 96,000 – 4 Park House, Oxford Street W1 Qatari National Bank Q4 2012 163,000 163,000 5 5 Welbeck Street W1 Standard Life Q1 2013 27,000 27,000 6 76‑88 Wardour Street W1 Walbrook Land and Legal & General Q1 2013 33,000 33,000 7 1a Wimpole Street W1 Royal London Asset Management Q1 2013 61,000 61,000 8 62 Buckingham Gate SW1 Land Securities Q2 2013 255,000 255,000 9 10 Portman Square W1 British Land Q2 2013 114,000 114,000 10 Trafalgar House, 11 Waterloo Place SW1 Crown Estates Q2 2013 20,000 20,000 11 1 Eagle Place, 200 Piccadilly SW1 Stanhope/Crown Estates/Hoop Q2 2013 58,000 58,000 12 17‑23 Bentinck Street W1 Howard de Walden Estates Q2 2013 35,000 35,000 13 1 Page Street SW1 Derwent London Burberry Q2 2013 127,000 – 14 33 Maddox Street W1 Joint London Holdings Q2 2013 12,000 12,000 15 8‑10 Hanover Street W1 Morgan Capital Partners Q2 2013 25,000 25,000 16 95 Wigmore Street W1 Great Portland Estates Q3 2013 111,000 111,000 17 10 Brock Street, Regent's Place NW1 British Land Debenhams Q3 2013 319,000 146,000 18 Marble Arch House, Edgware Road/Seymour Street W1 British Land/Portman Estate Q3 2013 60,000 60,000 19 30 Brock Street, Regents Place NW1 British Land Q3 2013 21,000 21,000 20 Walmar House, 288‑300 Regent Street W1 Great Portland Estates Q3 2013 50,000 50,000 21 30 Berkeley Square W1 Phillips de Pury Q3 2013 52,000 – 22 23 King Street SW1 Standard Life Q3 2013 45,000 45,000 23 101 Euston Road NW1 Romulus Undisclosed tenant Q4 2013 28,000 15,000 24 10 New Burlington Street W1 Exemplar/Crown Estate Q4 2013 97,000 97,000 25 5 St James Square SW1 Exemplar Q4 2013 15,000 15,000 26 6 St James Square SW1 Exemplar Q4 2013 115,000 115,000 27 1‑2 Stephen Street (Phase 1) W1 Derwent London BrandOpus LLP Q4 2013 23,000 8,000 28 29‑37 Davies Street W1 Grosvenor Estates/Stow Q1 2014 23,000 23,000 29 Fitzroy Place, Mortimer Street W1 Exemplar/Aviva Investors/ Q1 2014 310,000 310,000 Kaupthing Bank Total 2,308,000 1,832,000 West End Completed 30 160 Great Portland Street W1 Great Portland Estates Double Negative Q2 2012 87,000 – 31 25 Soho Square W1 Aviva Investors Q2 2012 45,000 45,000 32 1 Poland Street W1 Prupim Tag Worldwide Q2 2012 23,000 – 33 123 Victoria Street SW1 Land Securities Jimmy Choo/CDC Group Q2 2012 198,000 119,000 34 50 Grosvenor Hill W1 Grosvenor Estates Q2 2012 20,000 20,000 35 One Chapel Place W1 Welput/Grafton Q3 2012 26,000 26,000 36 1 Howick Place SW1 Terrace Hill/Doughty Hanson Q3 2012 142,000 142,000 37 Carlton SW1 SW1 West Midlands Pension Fund Q4 2012 32,000 32,000 Total 573,000 384,000 Midtown Under Construction 38 24‑28 Bloomsbury Way WC1 WPP Group WPP Group Q4 2012 45,000 0 39 55 Strand WC2 Aviva Investors Q4 2012 23,000 23,000 40 New Fetter Place East & West EC4 Kirkbi AS Real Estate Q4 2012 93,000 93,000 41 280 High Holborn WC1 Hines Q4 2012 65,000 65,000 42 1 Southampton Street WC2 Aviva Investors Q4 2012 40,000 40,000 43 6 Agar Street WC2 Legal & General Q4 2012 55,000 55,000 44 Africa House, 64‑78 Kingsway WC2 Freshwater Q1 2013 110,000 110,000 45 Lever House, 85 Clerkenwell Road EC1 GE Capital Real Estate Q2 2013 20,000 20,000 46 10 Bloomsbury Way WC1 London & Regional Properties Q2 2013 156,000 156,000 Total 607,000 562,000 Midtown Completed 47 40‑43 Fleet Street EC4 C Hoare & Co Bank C Hoare & Co Bank Q2 2012 19,000 0 48 Wellington House, 125‑130 Strand WC2 Duchy of Lancaster Q3 2012 33,000 33,000 49 Gretton House, 28‑30 Kirby Street EC1 Seven Capital Q3 2012 24,000 24,000 50 6 New Bridge Street EC4 Hawksmoor Estates Q3 2012 22,000 22,000 Total 98,000 79,000 City Under Construction 51 Buckley Building, 49 Clerkenwell Green EC1 Derwent London Q4 2012 85,000 85,000 52 8 Fenchurch Place EC3 AREA Property Partners/PMB Q4 2012 95,000 95,000 Holdings 53 26 Finsbury Square EC2 Metropolitan Properties subsidiary of Q4 2012 80,000 80,000 Freshwater 54 1‑3 St Paul's Churchyard EC4 AXA Real Estate Investment Managers Q1 2013 60,000 60,000 55 30‑40 Eastcheap EC3 Aviva Investors Q1 2013 20,000 20,000

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No. Scheme Postcode Developer Tenant Completion Total space Space available date sq ft sq ft 56 63 St Mary Axe EC3 Rockspring Property/National Q1 2013 80,000 80,000 Pension Scheme of Korea 57 Scotia House, 33‑37 Finsbury Square EC1 Meritcape/Bank of Nova Scotia Q1 2013 47,000 47,000 58 Finsbury Circus House, 10 South Place EC2 Union Investment Real Estate/CORE Q1 2013 145,000 145,000 59 61‑75 Alie Street E1 Barratt East London Q1 2013 12,000 12,000 60 18‑30 Leonard Street EC1 London Square Developments Q2 2013 24,000 24,000 61 36‑39 Queen Street EC4 London & Oriental Q2 2013 46,000 46,000 62 Sixty London, Holborn Viaduct EC1 AXA Real Estate Investment Q3 2013 210,000 210,000 Managers/Favermead 63 103 Cannon Street EC4 Walbrook Land Q2 2013 12,000 12,000 64 5‑11 Worship Street EC2 Highgate Properties Q2 2013 15,000 15,000 65 77 Queen Victoria Street EC4 CBRE Investors Q2 2013 30,000 30,000 66 City Tower, 40 Basinghall Street EC2 Great Portland Estates/Starwood Q2 2013 80,000 80,000 Capital 67 6 Bevis Marks EC3 AXA Real Estate Investment Q3 2013 160,000 160,000 Managers/CORE/MGPA 68 Monument Place, 24 Monument Street EC3 Rockspring Property Q3 2013 75,000 75,000 69 3‑10 Finsbury Square EC2 Pembroke Real Estate Q4 2013 151,000 151,000 70 67 Lombard Street EC3 Viridis Real Estate Q4 2013 87,000 87,000 71 71 Queen Victoria Street EC4 QV Unit Trust Q4 2013 187,000 187,000 72 1 Commercial Street E1 Redrow Q4 2013 73,000 73,000 73 8‑10 Moorgate EC2 Moorgate Property Unit Trust Q1 2014 138,000 138,000 74 Moorgate Exchange, 72 Fore Street EC2 MGPA/CarVal/Quadrant Q1 2014 220,000 220,000 75 20 Fenchurch Street EC3 Land Securities/Canary Wharf Group Markel International/RJ Q2 2014 675,000 546,000 Kiln Group 76 Leadenhall Building, 122 Leadenhall Street EC3 British Land/Oxford Properties Aon Q3 2014 574,000 383,000 77 5 Broadgate EC2 British Land/Blackstone UBS Q4 2014 700,000 – Total 4,081,000 3,061,000 City Completed 78 20 Cannon Street EC4 Allied London/Aerium Odgers Berndtson Q2 2012 40,000 0 79 1 Threadneedle Street EC2 SEB Investment Nationwide Building Q3 2012 49,000 0 Society 80 St Pauls House, 8‑12 Warwick Lane EC4 Beltrane Asset Management Q3 2012 36,000 36,000 81 199 Bishopsgate EC2 British Land/Blackstone Q3 2012 135,000 135,000 82 1 King Street EC2 UBS Global Asset Management Q4 2012 45,000 45,000 Total 305,000 216,000 Southbank Under Construction 83 The Place, London Bridge SE1 Sellar Property Group/Qatar National Q2 2013 430,000 430,000 Bank 84 The Crane Building, 22 Lavington Street SE1 Dorrington Southside Q2 2013 50,000 50,000 85 240 Blackfriars Road SE1 Great Portland Estates/Ropemaker United Business Media Q1 2014 224,000 118,000 Properties 86 Sea Containers, Upper Ground SE1 Archlane Ltd Q1 2014 290,000 290,000 Total 994,000 888,000 Southbank Completed 87 Merchant House, 89 Southwark Street SE1 Allies & Morrison Allies & Morrison Q2 2012 17,000 0 88 The Shard, London Bridge SE1 LBQ Consortium/Sellar Property Group Q3 2012 589,000 589,000 89 Harlequin Building, 65 Southwark Street SE1 Rockspring Property/Moorevale Q3 2012 55,000 55,000 Total 661,000 644,000 King’s Cross Under Construction 90 Western Transit Shed N1 Argent Group Hoare Lea/Argent Group Q4 2012 55,000 17,000 91 D4 (The Stables), Regent Quarter N1 P&O Estates (IPOE)/Henderson Global Macmillan Publishing Q2 2013 9,000 0 Investors Group 92 D2 (Printworks), Regent Quarter N1 P&O Estates (IPOE)/Henderson Global Macmillan Publishing Q2 2013 38,000 0 Investors Group 93 Dance Studio. Regent Quarter N1 P&O Estates (IPOE)/Henderson Global Macmillan Publishing Q3 2013 37,000 0 Investors Group 94 B2, Pancras Square N1 Argent Group Q4 2013 55,000 55,000 95 B3, Kings Cross Central N1 Argent Group Camden Council Q2 2014 150,000 0 96 B4, Pancras Square N1 Argent Group Q2 2014 130,000 130,000 Total 474,000 202,000 King’s Cross Completed 97 4 & 10 Pentonville Road N1 Derwent London Ticketmaster UK Q3 2012 55,000 7,300 Total 55,000 7,300 Docklands Under Construction 98 25 Churchill Place E14 Canary Wharf Group European Medicines Q1 2014 540,000 290,000 Evaluation Agency Total 540,000 290,000 Docklands Completed 0 0 Total 0 0

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Crane Survey London Offices Winter 2012 17 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below.

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B509 AD W RO C A E H E 3 AID A D CO 1 1 L L MM OA S A DE K F A ERCIAL R D 0 A A O Y T 2 R R S T O I

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O L CK O A 1 R R I 1 0 OW D 5 G T U FT A U G 2 S I G O S 81 S B R B 0

L T T B G P T C W 5 D T B 53 A L R H 45 0 C E L 0 O 1 A R A

0 T E 5 O O W E D F A N A A 1 A Y

7 A H0

N O E E N U 0 T G R EB M O M E A L T N T R N 8 MILLWALL

Y 1 E

E S R D R D A P D BEECH STREET M T E

P H L E

M T M

G 30 A G P O B SPIN A O O 58 E DRIFT A

T Y PARK

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M N E E O R NUE N R N N E H R B G T ST E C

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R 1 O O S R T R 5 VE T C U 73 77 I R L

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FL G A R O O O W B 49 H A

(M NE L A W F R

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T T L G G 69 A 4 O L R A E A A LEB A A 29 U T E N G

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M A D A B A S D S K N R A R A O D T 57 S R T L H T

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0( M E E O 41 R E E E E R 5 C ST R I R B R Y P S 0 N O E R RD 2 E P T O O 38 R A Y ER T T E O S BISHOPS BRIDG 4 VIADU E S A S S A U RN C G H H R

L R M BO T R E

E N B L E C T T HO 62 S T O H 1 A E 27 D S D T LONDON WALL I I E A C

E R E C S N N IM M RN N B H D A R E E T B BO O E M H R O L W 12 A T E O U O O N 66 44 P I L 56 E 9 M H 40 L T T G R B 46 44 N S V 0 L H E G S O T 2 H Y W R H A IG K R ES H R E 4 5 20 T G HA O IG E CE H A M U G A S I E T S N R A N E T BURY H E T T LOTH D 72 L T 4 T N S T TREE G T T 42 S PE R 1 EE D S N 80 S 67 D MMERCIAL ROAD U S 9 TR 3 OR R S E 82 LE A CO D E S F W W D I O E G R X 31 H O F E T T H L TB O O B E CHEAP NE C C 59 E S A IGM 7 A O L N D S E E R X W 32 D A EA H T M W R SID R I P 16 E Y E H 79 H H ST 35 D E L T 43 A R C L L C W N USSE U U UDGATE C M H E O H OR S 18 O S ET HIL NHILL R L M 6 N T TRE L S Y U A S IL E ET E U 52 T I S E N T TR R R CH T 54 78 E H D S R V Y EE 39 63 H RE R R E W L C 70 T O N XFO S I A D F QU A C S E E O G N L 47 EEN STREET N H T 50 VICTORI N E C R E V 15 E A A O FE HUR G N NC T A C I R N Y 65 ST E T ST Definitions B T 40 B A O R C C A 4 T 76 S SC U 71 PRE D L 61 R D 14 B R 41 S H A A RO 28 S G O ER N 24 T T O T 37 I A 2 R F C C SW E L T AY A S 42 3211 UPPER THAMES STREET N K B E A K B L W L I S ENT E H NKM L M S BA F 75 ROYA S

B 19 T 43 EM 68 55 R S R D S

A40 BROOK STREET T O O O N O EET W I STR Time period: Q2 – Q3 2012

P N A 48 A ES U D A HAY A R A U M LD

OA P D M T RS LO A FIE T S T

R A R D T WER T H H

ER S E IT H T K A E H WA R 34 T E M S G

AY R R BRG A ST S W B K L R 39 W K 1 L A E 1 O D

L E E 2 I Size minimum: 10,000 sq ft A N A A 11 3 O

E GROSVENOR STREET T T A R

R 86 R N E 4 B

HYDE PARK E A 10 B K 4 T R K G A I N

A N D

B 26 D B

4 E O I R A 37 L G ET R 2 L TRE R Construction type: New build construction or significant/comprehensive

4 M S D I

0 I

S A E BLACKFRIARS S B D 2 2 25 RD O D

0 21 T M K O 85 U N G L F TH G R 2 J 22 L N O 46

MOUNT ST M W E E Y A A A E L T L P A T A 83 O refurbishment – work to have started, demolition stages not included

L M S R O

R I R T B 87 K 4788 L W

S D W S E O A E T O S Y O M T S

N C S T H A3200 T T A KENSINGTON O IC S E 89 A T B R P I 84 T H E

E D Z T D E O E R A M T CU E I E A R Market boundary: As defined by market specialists H GARDENS R UNION STREET R S M A D T S O

E A R E

A A 3 D 3 C B 3

E L A E W L

C L M 2 2 R L T A 2 NE 4 E A U L W O

A 1 S S M K D A201 A A T A ENT ROA O P X E T AD 6 U N LL RO H H A ROMWE D Q ST 6 C S A C R A L 3 D SOU O N L O S 13 0 THW 3 A ALK R O M B R H PARK O T R A O O B A N A A E ID K L R L G T ON S E H M D

G N D T L E D N O G R N K

P R A

A W A A E E O N O S W M I V B N T

A T O S E O O L M T

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U N N N NE D D S W Y D 2 M A B A 0 LA

L Y A O D

O 7 O O 1 W 2 N 3

D E B T 2 D A T O A R 3 R R K 3 T

N CO D IC G T G I 2 G A M L 1 IN H 8 E S M R W

1 E N N I 2 N

A32 L . W R ROL I Y P I N LS D O I A E D R RO

A T K N

N A O 8 S R A O D R A R

0 T D B V N IE N A A N E O

M H 3 21 A L A A H A IN B

IF L A C H N C

F L A S R D

A A 6 L A E U Y 3212 O E N A T

B 3 Y E O M F D M R O C G A 0 R O G D RO R RO U R NT SVENO 3 R K Y

A A E H D N A

R M T

O K E A B A H

O N H B R F R N F

E L

R D E

BA A E A

U D L A

S L

L M L A R

G E S R BURGESS PARK E G O S A

N N LM A L W

H O W I E RIVER THAMES M E M G

S K A E

A A N R A B R K SE I B

O HEL N E E L C E B H R

A E D L T T C T 12 R A A KENNINGTON L D 32 Y A R

Under construction Complete

Crane Survey London Offices Winter 2012 19 Matthew Elliott Stephen Peers City Agency West End Agency 020 7303 3592 020 7303 3260 [email protected] [email protected]

Jamie Olley Jonathan Evans City Investment West End Investment 020 7007 4451 020 7303 3143 [email protected] [email protected]

Anthony Duggan Shaun Dawson Head of Research Research 020 7303 3134 020 7303 0734 [email protected] [email protected]

Jon Milward Development 020 7303 3843 [email protected]

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