Central London Office Market Report Q1 2020 1
Central London office market report
Q1 2020 2 Central London Office Market Report Q1 2020 Central London Office Market Report Q1 2020 3
Issue to watch - COVID-19 pandemic
The COVID-19 pandemic has created a material The UK economy has effectively been placed in suspended volume of speculative development currently underway. the GFC and reach over 9% by the end of 2021, supply will uncertainty in real estate market performance. animation until normality can resume, with the government At the start of the GFC in Q2 2008, there was 12.6 million sq ft need to increase from today’s level of 10.1 million sq ft to taking dramatic steps to ensure that businesses don’t go of speculative space under construction, compared to just over 21 million sq ft. Across Europe, there is considerable variation in the bankrupt, people don’t lose the ability to contribute to society 7.0 million sq ft today. extent of the human tragedy implications unfolding and and individuals don’t lose their livelihoods or their homes. How occupiers respond will depend upon the speed and its impact on economic activity, including the trajectory, Construction is one area where we are seeing short term shape of the recovery - whether we see a short bounce-back, Sentiment has plummeted in the wake of COVID-19, with the disruption, with many office developments and internal fit-out which is likely to see a quicker return to business as usual or duration and extent of these impacts on all real estate IHS Markit/CIPS UK Services PMI falling to just 34.5 in March, projects already incurring delays. Disruption to the supply a more prolonged economic downturn which is more likely sectors. With varying policy responses across the region which is the lowest level on record and was also the fastest chain and a decrease in available workforce will continue for to lead to job losses, with a consequential release of sublease and the mitigating implications differing by market and ever monthly fall (decreasing from 53.2 in February). the foreseeable future. In Central London, many construction space. Longer-term, COVID-19 will no doubt force many sector, it is too early for us to provide a quantitative This and other poor confidence measures have filtered firms are self-regulating and suspending some or all of their companies into considering how they occupy office space, and robust assessment of value impact on 31st March, through to economic forecasts, with the UK, in line with all schemes. While at this stage it is too early to say what impact with issues such as flexibility, densification and employee our survey date. global economies, expected to see a sharp fall in economic this will have on individual scheme completion dates, we health and well-being positioned front and centre of any activity during 2020. expect the pipeline to be pushed out by 1-3 months. Given the future real estate strategy. In this context, the JLL Q1 2020 real estate performance low vacancy rates, any delay to office completions will add to indices have been held at Q4 2019 values, except where How the office market responds remains to be seen and the pressure on supply, and support rents if the slowdown is There are many questions that we cannot definitively answer there has been sufficient evidence at sector and market will be influenced by the severity and length of any economic short-lived. yet and all will have significant real estate implications. level to make appropriate any reliable adjustments downturn. At this stage, we can look back to previous Human, economic and business impacts are inevitable, recessions to provide some guidance as to how markets In previous downturns, the volume of tenant-led supply but new measures, policies and procedures, and investing to figures. have behaved to try to put today’s market into context. being returned to the market had a material impact on in the right infrastructure, will help mitigate risk in the short vacancy rates and rental values. In 2008/9, the volume of and longer-term. We will talk to the evolution of the market throughout We know that in previous downturns, most notably the Q1 in our reporting and will be continually monitoring second-hand space doubled to 14.7 million sq ft in 18 months early 1990’s recession and the global financial crisis (GFC), resulting in a peak vacancy rate of 9.1%. But contrast 2008 We will continue to monitor the situation on the ground and market movements as the situation evolves to inform vacancy rates increased sharply due to a combination of with today, where corporates have a greater emphasis on will provide updates on new and emerging trends as this our ongoing view of pricing. We will be updating our slower leasing activity and high volumes of speculative utilisation and densification of space which has driven situation evolves. forecasts, albeit these will be directional at this time, development underway at the entry point. It is interesting efficiencies and resulted in limited excess space in portfolios. broadly reflecting any meaningful changes to the to note that the current Central London vacancy rate is similar For vacancy rates to follow the same trajectory recorded in underlying fundamentals. 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
arl 1 0 rece ion inancial cri i referend CO 1
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o 20 Construction delays Stalled projects and i l l i reduced cap-ex M 1
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0 2 1 0 2 1 0 2 1 0 2 1 0 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2
e ppl econd and ppl pec lati e de elop ent ake p Work-from-home initiatives Social distancing, expanded remote work and more sq ft per person
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. 4 Central London Office Market Report Q1 2020 Central London Office Market Report Q1 2020 5
Central London overview
Leasing activity slows Flex share of take-up Central London vacancy rates A number of significant transactions went under offer during the COVID-19 outbreak but these may take longer to sign, Across Central London there was just 1.7 million sq ft 0 of take-up in Q1, the slowest start to the year since 2011. or indeed may be withdrawn, though it remains to be seen 28% 29% 28% 3% 0 if there has been any material impact on pricing terms. Volumes were down 22% on the Q1 10-year average 0 (2.2 million sq ft) and were 25% below the same period in 0 Prime yields in the City moved in 25 basis points to 4.0% 2019. The downturn in leasing cannot be directly attributed 0 across all lot sizes in February prior to the COVID-19 crisis and to COVID-19, given that most of the quarter was functioning remained unchanged for the end of the quarter, while West End under normal circumstances. 0 Q2 2017 Q4 2017 Q3 2019 Q1 2020 yields were held at 3.5%. 0 Despite the West End, City and East London all seeing 2 0 Prime rents have been held stable for the quarter at £75.00 per quarter-on-quarter declines in leasing volumes, the City 1 0 sq ft for the City and £117.50 per sq ft for the West End. started the year some 23% ahead of Q1 2019. This was 0 0 primarily due to Linklaters pre-leasing 307,000 sq ft at 20 5-year quarterly average Ropemaker Street, EC2. As a result of this transaction and a 16% 2010 2011 2012 201 201 201 201 201 201 201 2020 Central London investment volumes few other pre-let deals, pre-leasing remained a key driver of activity, accounting for 27% of quarterly volumes. O erall acanc e acanc 0 0 On a more positive note, under offers rose by 30% 10 ear a era e o erall 10 ear a era e ne 0 quarter-on-quarter, to 3.2 million sq ft at the end of Q1. 0 0 Central London take-up activity 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, 0 12 0 Pause in investment activity 0
n 0
of which over half is structural and driven by a lease event. o
i 2 l
Despite a strong start to the year, COVID-19 has disrupted the l i 0
Nevertheless, given the current unprecedented circumstances, 10 0 2 0 investment market, with a number of sales stalling over the last 0 many of these under offer transactions may take longer to 1 ft few weeks. Overall in Q1, investment volumes were subdued, 0 complete than usual and some active demand may be deferred 20 1 0
n totalling just £2.3 billion which was 19% below the Q1 10-year
o or aborted as the true extent of COVID-19 becomes clear. i 0 10 l l
i 0 average. Nevertheless, Q1 volumes were in line with quarterly M volumes recorded during most of 2019, when the first three 0 0 0 0 Supply remains low 2011 2012 201 201 201 201 201 201 201 2020 quarters averaged circa £2.5 billion before the market saw a Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 There was a marginal uptick in the vacancy rate to 4.3%, temporary resurgence in Q4. 2 0 up from 4.1% at the end of 2019. This upturn was evident O er ea across all three major markets, but both the City and West End There were seven transactions in excess of £100 million in Q1, 0 0 10 ear Q1 a era e O er ea a of total remain characterised by sub-4.0% vacancy while East London and these accounted for 60% of all volumes. The largest deal 201 201 201 201 2020 saw vacancy rates in excess of 11% by quarter end. The new completed was L&G’s purchase of Sanctuary Buildings, 16-20 Q1 Q2 nder offer vacancy rate was stable at just 0.7%, with both the City and Great Smith Street, SW1 for £300 million. Q Q Q1 a era e 2011 2020 West End recording a new vacancy rate of below 0.5%. Global headwinds have seen international investors, Looking forward, speculative space under construction particularly from Asia, behave more cautiously, and during There were few larger transactions this quarter, which goes reached 6.9 million sq ft, which was a 6% increase over the Q1, overseas investors were responsible for 62% of volumes. some way to explain the contraction in leasing activity, with quarter. While a number of schemes started on site early in Nevertheless, five of the seven largest transactions were sold just six deals signed in excess of 25,000 sq ft, compared to a Q1 the quarter, totalling just under 1 million sq ft, the volume to international investors, with German investors most active. 5-year average of 18 deals. The other factor that contributed to of speculative completions was at a historical low. Many In total, German capital accounted for 20% of investment the low volumes was a significant decline in activity from the construction firms are temporarily halting work on sites across during Q1. flexible workplace sector, which accounted for just Central London. Given that new vacancy is currently low, 3% of volumes (53,000 sq ft). This was sharply down on the any delay to office development completions will add to this five-year quarterly average leasing share of 16%. pressure on supply. 6 Central London Office Market Report Q1 2020 Central London Office Market Report Q1 2020 7
Key transactions
1 New Oxford After an extensive London wide search, Sanctuary JLL were delighted to execute the The Bailey, 16 IPG Mediabrands wanted to 7-10 Waterloo JLL successfully completed the off- Street, WC1 JLL advised Credit Karma UK on their Buildings, SW1 sale of this asset for a significant Old Bailey, EC4 accommodate their long-term Place, SW1 market sale of the prime long leasehold acquisition of a new London HQ at profit, having acted on behalf of Hana headcount growth whilst retaining interest at 7-10 Waterloo Place, SW1, Tenant: 1 New Oxford Street, WC1. Having Price: Alternative in the purchase less than 12 Tenant: the look and feel of being in their own Price: on behalf of Barings Real Estate Credit Karma considered both managed and £300.00 million months prior. The opportunity received IPG & Knotel self-contained building. Knotel were £71.00 million at a market leading price. Barings’ traditional office solutions, moving into broad interest from across the globe, brought in to partner with them and, comprehensive refurbishment and Size: the fitted first floor suite, on a sublease, Purchaser: including Asia and the Middle East. Long Size: on their behalf, JLL acquired the whole Purchaser: reconfiguration created a ‘best in 11,473 sq ft provided flexibility to account for Legal & General income of this nature is increasingly hard 85,573 sq ft of The Bailey, enabling IPG Mediabrands Cara Real Estate class’ mixed-use building with an Credit Karma’s ambitious growth plans. to secure and, with a 350bps margin over to expand into the building as required abundance of period features. JLL Rent: Rent: The building is well-connected sitting treasury gilts, it proved attractive to the over time. This is the first time this deal have been involved with this asset Confidential Confidential between Tottenham Court Road and market. Legal & General were ultimately structure has been agreed on this scale throughout its transformation, advising Holborn tube stations. successful and add the building to their in London, a combination of traditional on the purchase in 2015 and executing ever-growing portfolio of government lease and partnering structure. a successful leasing campaign at rents tenanted assets. A highly successful ahead of expectations. project with multiple JLL service lines involved, including Debt Advisory.
Ed Smith Rob Corbett Tom Curry James Buckey
Senior Surveyor, Head of West End Director, Tenant Director, West End Office Agency Investment Representation Capital Markets 8 Central London Office Market Report Q1 2020 Central London Office Market Report Q1 2020 9
West End overview
Subdued take-up West End pre-leasing Vacancy increases slightly Prime rents unchanged in Q1 Take-up volumes were subdued in the first quarter of the year, 1 Supply increased by 10% to 3.5 million sq ft due to a rise Prime rents in all submarkets have been held stable, with the reaching just 522,000 sq ft, below the 10-year quarterly average in second-hand space brought to market. As a result, rents in the core at £117.50 per sq ft (assuming a 10,000 sq ft floor 0 of 901,000 sq ft. Take-up has been falling for the past four 1 the vacancy rate rose to 3.7% but remains below the 10-year plate and a 10-year term). quarters and is now at its lowest level since Q2 2012. 1 2 average of 4.0%. New supply also remained scarce with the 0 new build vacancy rate standing at 0.4%, below the 10-year 1 0 Investment volumes subdued in Q1
ft average of 0.8%. West End Q1 take-up 2 Investment volumes reached £1.1 billion across 15 transactions
0
n 20 1 o in Q1, below the 10-year quarterly average of £1.4 billion but i
l West End vacancy rates l i 0
M 1 above the figures reached during the first quarter of the past 1 2 0 0 two years. 10 1 0
ft 0 0 2
West End investment volumes
n 0 0
o 0 0 0 i l l i 2010 2011 2012 201 201 201 201 201 201 201 2020 M 0 0 Q1 £0.7 billion 0 nder con tr ction Off ite are of o erall take p 0 £1.0 billion Q1 2019 Q1 2018 0 0 2 £1.4 billion 2 0 10-year 0 0 Active demand reached 3.6 million sq ft and was above the 1 0 quarterly Q1 Q1 Q1 Q1 Q1 10-year average of 3.3 million sq ft. The TMT sector was the £1.1 billion most active, accounting for 30% of floorspace required. 0 0 Q1 2020 average 201 201 201 201 2020 This was followed by the banking & finance sector at 27%. 2010 2011 2012 201 201 201 201 201 201 201 2020 ake p 10 ear a era e O erall acanc e acanc 10 ear a era e o erall 10 ear a era e ne The TMT sector leased the most space and accounted for West End active demand by sector 40% of take-up. This was followed by the services industry UK investors were the largest source of capital, accounting for and banking & finance, which had shares of 20% each. Speculative development completions amounted to 67% of volumes across 11 deals. The largest asset bought by 6% 65,250 sq ft. Given that this is significantly below the 10-year a UK investor was Sanctuary Buildings, SW1. The building was Pre-leasing activity was muted during the quarter, accounting 6% quarterly average of speculative completions (210,170 sq ft), sold to Legal & General for £300 million in January and this was for just 7% of take-up compared to the 10-year quarterly it will do little to alleviate the tight supply conditions. also the largest transaction of the quarter. Investors from the average of 25%. There was one pre-let deal during the quarter 6% 30% USA, Germany, Switzerland and Lebanon were also involved Development completions in 2020 are expected to total in which Google acquired 34,000 sq ft at Q1 Handyside Street in in purchases across the West End. 2.1 million sq ft, but with 73% of this space already pre-let, King’s Cross in February. 9% it is likely that very little new supply will reach the market There was little activity in the flexible workplace sector, this year. The future pipeline is also becoming more limited with flex accounting for just 3% of take-up in a single deal with 40% of the 2021 pipeline and 21% of the 2022 pipeline compared to the 5-year average of 17%. The flexible workplace 16% already pre-let. It is too early to say what the impact of 67% UK sector has boosted take-up in the West End over the past 27% COVID-19 related construction delays will have on individual few years, although it is too early to say whether the Q1 data scheme completion dates. represents the start of a slowdown in the sector or is just 23% an anomaly. West End development pipeline Investment USA volumes 7% The level of under offers stood at 917,000 sq ft, above the TMT Manufacturing 73% pre-let 21% pre-let Germany 10-year average of 700,475 sq ft. These transactions may take Banking and finance Professional services by purchaser longer to conclude than normal in the current circumstances. Flex workspace Public administration nationality 2% 2020 2021 2022 2023 Services industry excluding flex Q1 2020 Switzerland 1% Lebanon 40% pre-let 3% pre-let 10 Central London Office Market Report Q1 2020 Central London Office Market Report Q1 2020 11
City overview
Take-up broadly in line with Q1 average While both under offers and active requirements are ahead Highest quarterly development starts for totalling £100 million, with half of this total accounted for Take-up totalled 1.1 million sq ft, 26% lower than the 10-year of average, this is unlikely to translate into a strong second three years by Rockwell’s purchase of the Salvation Army site at 101 quarterly average of 1.5 million sq ft, but 23% ahead of the first quarter due to the COVID-19 crisis. We expect transactions to Newington Causeway, SE1 for £50 million, reflecting a capital take longer to conclude than in normal circumstances, and Premier Place, EC2 was the only development completion, value of £550 per sq ft. quarter in 2019 when take-up reached 893,000 sq ft. Professional although the entire 200,000 sq ft has been pre-leased to services occupiers were most active, leasing a total of 520,000 slower decision making for active requirements, with many now temporarily on hold. Jane Street Capital (142,000 sq ft) and Squire Patton Boggs Prime yields moved in 25 basis points to 4.00% across all lot sq ft in 16 transactions, more than double any other business (58,000 sq ft). Development starts reached their highest sizes in February, prior to the COVID-19 crisis, and remained sector. Linklaters’ pre-let of 307,000 sq ft at 20 Ropemaker Street, City active demand by sector total since Q4 2016, with development underway on nine unchanged for the end of the quarter. EC2 in February accounted for a major share of this total. schemes totalling 1.3 million sq ft, including 20 Ropemaker Street, EC2 (398,000 sq ft), which is scheduled to complete in The TMT sector leased a further 202,000 sq ft in 13 transactions, 1% City investment turnover 2023, and the refurbishment of 2 Gresham Street, EC2 due including 86,000 sq ft acquired by IPG at The Bailey, EC4, 4% for completion in 2021. The higher level of development also completing in February. In a reversal of a recent trend, 7% starts underpinned an 8% quarterly increase in the level 0 the level of demand from flexible workspace providers slowed, of speculative development underway to 4.5 million sq ft. with take-up reaching 37,000 sq ft, representing just 3% of 7% 2
38% n quarterly take-up, compared to 26% in Q1 2019. The level of o 2 0 i l l i
under offers increased 36% to 2.1 million sq ft and is now 1 City development starts 55% ahead of the 10-year average of 1.4 million sq ft. 1 0 19% City Q1 take-up 0 1 0 0 1 1 2 Q1 Q2 Q Q Q1 23% 201 2020 1 1 0 ft 1 2
0
n ft o
1 0 TMT Manufacturing i 0 l l
i 36%
M
n Banking and finance Professional services
o 0 0 Germany i l l
i Flex workspace Public administration
M 0 2 0 Services industry excluding flex 18% 0 0 0 Greece Q2 Q Q Q1 0 2 Uptick in vacancy but remains close to record low 201 2020 14% e elop ent tart ear a era e 0 0 The vacancy rate increased to 3.5%, from a record low of 3.3%, UK Q1 Q1 Q1 Q1 Q1 but remains significantly lower than both the 10-year average 9% 201 201 201 201 2020 of 5.6%, and 5-year average of 4.2%. Supply of new build space Prime rents stable remains restricted with 457,000 sq ft immediately available, Switzerland ake p 10 ear a era e Prime rents and incentives have been held at £75.00 per sq ft, reflecting a vacancy rate of 0.4%, its lowest level since 2007. with 24 months’ rent free on an assumed 10-year lease. Investment 7% Legal sector underpinning demand City vacancy rates volumes Qatar Low investment turnover in Q1 Overall demand increased 5% to 9.6 million sq ft, compared to by purchaser 6% 9.1 million sq ft at the end of 2019. The quarterly increase was Investment volumes totalled £1.1 billion, a fall on the strong Slovakia driven by an 11% uptick in active demand, which ended the final quarter of 2019, when turnover reached £3.1 billion, nationality quarter at 7.1 million sq ft, and is now 15% ahead of the 10-year 3.5% but ahead of the £0.9 billion traded in the equivalent period in Q1 2020 4% average. Potential demand fell 10% to 2.5 million sq ft, 25% Q1 2020 5.6% 2019. There were three transactions completed in excess China below the 10-year average, which could be partly attributed 10-year of £100 million, accounting for over half of quarterly turnover. to requirements activating searches earlier, due to the low average The largest saw a 50% share in Watermark Place, 3% vacancy rate and limited development pipeline. Professional EC4 purchased for £252 million, by Union from Oxford Hong Kong services accounted for the largest share of active demand at 4.2% Properties, reflecting a net initial yield of 4.77% and a capital 38%, driven largely by law firms, with 1.9 million sq ft required 5-year value of £938 per sq ft. 2% from 24 occupiers. average Japan European (excluding UK) buyers, led by Germany, were most active, accounting for the six largest transactions totalling 1% £820 million. There were six transactions involving UK buyers Other 12 Central London Office Market Report Q1 2020 Central London Office Market Report Q1 2020 13
East London overview Rental conditions in Central London
Subdued leasing activity East London vacancy rates 1 Hammersmith 4 Mayfair 7 Victoria 10 St James s 13 Fitzrovia 58.00 117.50 80.00 117.50 90.00 Take-up was subdued in the first quarter, reaching 1 75,000 sq ft. This was 72% lower than the 10-year quarterly 88.32 177.49 119.13 177.49 132.61 average, albeit take-up is typically more volatile than the 12 ensington Belgravia 8 Vauxhall 11 Soho North of 2 5 14 City and West End markets. All four of the quarter’s 10 Chelsea nightsbridge Oxford Street 60.00 95.00 transactions involved tenants from the public administration 82.50 90.00 72.50 86.38 142.25 and institutions sector, including 32,500 sq ft leased by 118.59 133.64 138.40 Finsbury Anglia Ruskin University at Import Building, E14. Park 3 Paddington 6 Battersea 9 Waterloo 12 Covent arden 15 Marylebone East London Q1 take-up 75.00 57.50 65.00 85.00 72.50 2 109.56 82.73 90.34 124.13 105.84 0 0 Hampstead 2010 2011 2012 201 201 201 201 201 201 201 2020 Prime rent Heath Stratford 0 100 30 ft O erall acanc e acanc
0
n 10 ear a era e o erall 10 ear a era e ne 0
o Camden i l
l 0 2 0 i 18 King’s Queen Elizabeth Victoria Olympic Park M 0 Cross Park 0 19 Three-tiered rental market The Regent’s 0 1 0 Park Marylebone Canary Wharf, the benchmark for East London, remains a e Euston 16 Clerkenwell Shoreditch 15 Bloomsburyry three-tiered rental market. Prime rents were held at £51.00 per Wormwood 29 Scrubs 20 28 0 0 Park North of Fitzrovia 17 City Northern Q1 Q1 Q1 Q1 Q1 sq ft. Tenant controlled supply is being marketed at rents from Oxford 14 13 Midtown Western Street Covent Central £42.50 per sq ft and continues to restrict rental growth, while Paddington 22 25 27 201 201 201 201 2020 Soho Garden 21 3 11 12 23 Southern Aldgate pre-let supply is being marketed at rents of £59.50 per sq ft. 0 100 Mayfair RIVER THAMES Eastern St. James 26 Hyde 4 ake p 10 ear a era e Park 10 Southbank 24 There were two major investment transactions completed Green Canary Park 31 in Q1 totalling £168 million, with most of this total accounted Wharf 0 5 Belgravia & Waterloo Robust demand underpinned by wider for by Art-Invest’s purchase of Canada Water Dock, SE16 for Knightsbridge 9 Kensington
£140 million. & Chelsea Victoria search areas Hammersmith 2 7 Vauxhall 1 Overall demand remained unchanged at 4.7 million sq ft, 8 41% ahead of the 10-year quarterly average of 3.3 million sq ft. East London rental bands Greewich BATTERSEA6 Park Within this, active demand increased 12% to 3.7 million sq ft, PARK while potential demand fell 28% to 1.0 million sq ft, reflecting a £59.50 per sq ft+ Battersea change in the status of some requirements. The above-average RIVER THAMES demand reflects the wider search areas of many companies, Pre-let Clapham with 77% of active requirements also considering options in Common the City or West End. 16 Euston 19 ing s Cross 22 Western 25 Central 28 Northern £51.00 per sq ft 75.00 85.00 77.50 72.50 75.00 Brockwell Park Above-average supply Prime rent 114.13 125.29 112.25 108.42 107.41 Supply increased marginally to 2.4 million sq ft, reflecting a Wimbledon 17 Bloomsbury 20 Clerkenwell 23 Southern 26 Eastern 29 Shoreditch vacancy rate of 11.1% which is significantly higher than the Common 10-year average of 7.4%, and the City (3.5%) and West End 85.00 80.00 70.00 75.00 72.50 £42.50 per sq ft+ 121.82 109.47 104.75 107.41 98.66 (3.7%) markets. Tenant controlled There were no development starts or completions during 18 Camden 21 City Midtown 24 Southbank 27 Aldgate 30 Stratford the quarter. There are two major schemes currently under 60.00 72.50 70.00 62.50 46.50 construction speculatively, comprising 20 Water Street, 93.80 109.59 104.50 93.29 67.13 E14 (215,000 sq ft) and Cargo, North Colonnade, 31 Canary Wharf E14 (346,000 sq ft), which are both due to complete in Q3 2020. 51.00 76.23 14 Central London Office Market Report Q1 2020 Contacts
Leasing Neil Prime Dan Burn Chris Valentine Head of Central London Markets Head of City Agency Head of West End Agency +44 (0)20 7399 5190 +44 (0)20 7399 5966 +44 (0)20 7087 5362 [email protected] [email protected] [email protected]
Capital Markets Julian Sandbach Rob Jackson Rob Corbett Head of Central London Head of City Head of West End Capital Markets Capital Markets Capital Markets +44 (0)20 7399 5973 +44 (0)20 7399 5029 +44 (0)20 7399 5545 [email protected] [email protected] [email protected]
Research Jon Neale Elaine Rossall James Norton Amy Birdee Head of UK Head of UK Director Associate Director Research Offices Research UK Research UK Research +44 (0)20 7087 5508 +44 (0)20 3147 1666 +44 (0)20 7087 5033 +44 (0)20 7087 5098 [email protected] [email protected] [email protected] [email protected]
Lease Advisory Geoffrey Pentecost Nicholas Smith Director - Lease Advisory Director - Lease Advisory +44 (0)20 7399 5390 +44 (0)20 7087 5762 [email protected] [email protected]
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