London Office Crane Survey Appetite for construction
Summer 2015 Contents
The report 1
Key findings 2
Submarket snapshots 4
Crane Survey results 13
Outlook 20
Development table 28
Contacts 34
The report
What? A report which measures the volume of office development taking place across central London and its impact
Where? London, covering the central office markets: City, West End, Docklands, King’s Cross, Midtown, Paddington and Southbank
Who? Developers building new offices or undertaking significant office refurbishment of 10,000 sq ft +
When? 1 October 2014 to 31 March 2015
How? A team of researchers have walked every street in central London to monitor office construction. Our field research is then verified with direct industry links and in-house property experts
London Office Crane Survey 1 Key findings Key findings
Crane Survey results Office construction is up 6.3 million sq ft 31 schemes have 24% over the past six months of new office started: totalling to 9.5 million sq ft space completed the second highest in 2014, a ten volume of space year high started in 20 years
37% of Nearly half Fourteen months space under the space of supply is construction leased is taken by currently is already let the TMT sector being built 14 months
Outlook 2015 will Demolition level at Continued flow
see below 5.1 million sq ft of new starts in the average level short-term of completions
Mix of developers Greater location Construction activity
to shift towards flexibility: forecast to rise institutions over emergence of next five years new markets
London Office Crane Survey 3 Submarket snapshots
4 Submarket snapshots Central London
Central London office development pipeline Million sq ft 10 8
6
4
2
0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let
Total amount under construction Number of new construction starts Which sector Highest Today Highest is currently 19.5 million sq ft (2002) taking the most space? TMT 37 31 (2007) Volume of new space is at Average size of a scheme Today: its highest since 2011 9.5 million sq ft Lowest 10 year average 131,000 sq ft 5.9 million sq ft (2010) Lowest
4 19 (2010) Average size of a floor Construction is up by 24% from six months ago.
Total amount completed this survey Total amount of space under construction 2.6 million sq ft which has been let 13,000 sq ft across 22 buildings 37% Number of cycle spaces let being built 9,089 0% 100%
London Office Crane Survey 5 Submarket snapshots The City
City office development pipeline Million sq ft 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let
Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the Highest most space? 8.2 million sq ft (2008) TMT 20 10 (2007) The number of new starts Average size of a scheme Today: is the same as six 4.5 million sq ft months ago 10 year average Lowest 188,000 sq ft Lowest 1.3 million sq ft (2010) 0 7 (2010) Average size of a floor Construction volumes have risen by 8%.
Total amount completed this survey Total amount of space under construction 1.4 million sq ft which has been let 15,400 sq ft across 7 buildings 48% Number of cycle spaces let being built 4,025
0% 100%
6 Submarket snapshots West End
West End office development pipeline Million sq ft 2.5
2.0
1.5
1.0
0.5
0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let
Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the Highest most space? 3.4 million sq ft (2007) Corporate 13 Today: 11 (2011) 2.3 million sq ft Largest volume of new construction Average size of a scheme and new starts since 2011
10 year average Lowest 72,400 sq ft Lowest 0.7 million sq ft (2010) 2 (2009) Average size of a floor Construction volume up 24%. 8 Total amount completed this survey Total amount of space under construction 443 thousand sq ft which has been let 10,200 sq ft across 9 buildings 16% Number of cycle spaces let being built 2,684 0% 100%
London Office Crane Survey 7 Submarket snapshots Docklands
Docklands office development pipeline Million sq ft 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let
Total amount under construction Number of new construction starts Which sector Highest Today Highest is currently 7.4 million sq ft (2002) taking the most space? Financial 1 Average size of a scheme First new start since 2012 1 (2012) 10 year average Lowest 688,000 sq ft Today: 0.7 million sq ft Lowest 0 million sq ft (2014) 1 0 Construction returns to Canary Wharf. (2014) Average size of a floor
Total amount completed this survey Total amount of space under construction 0 sq ft which has been let 26,400 sq ft 41% Number of cycle spaces let being built 864 0% 100%
8
0% 0 % let available Submarket snapshots King’s Cross
King’s Cross office development pipeline Million sq ft 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let
Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the Highest most space? 0.8 million sq ft (2013) TMT 3 Highest volume of new 4 Average size of a scheme Today: construction since (2012) 0.4 million sq ft 2013 Lowest 94,000 sq ft 10 year average
Lowest 0 million sq ft (2011) 0 (2014) Average size of a floor Despite three new starts, construction volumes are down by 5%. 2
Total amount completed this survey Total amount of space under construction 370 thousand sq ft which has been let 10,300 sq ft across 1 building 43% Number of cycle spaces let being built 386 0% 100%
London Office Crane Survey 9 Submarket snapshots Midtown
Midtown office development pipeline Million sq ft 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let
Total amount under construction Number of new construction starts Which sector Today Highest is currently taking the most space? Professional Today: Highest 8 1.3 million sq ft (2014) 1.3 million sq ft 6 (2013) Largest volume of new Average size of a scheme construction in over fifteen years Lowest 126,000 sq ft 10 year average Lowest 0.2 million sq ft (2010) 0 (2010) Average size of a floor Construction volumes up by 44% in six months. 3
Total amount completed this survey Total amount of space under construction 352 thousand sq ft which has been let 14,000 sq ft across 4 buildings 41% Number of cycle spaces Let being built 866 0% 100%
10 Submarket snapshots Paddington
Paddington office development pipeline Million sq ft 0.6 0.5 0.4 0.3 0.2 0.1 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let
Total amount under construction Number of new construction starts Which sector Highest Today Highest is currently 0.9 million sq ft (2002) taking the most space? N/A 0 2 Average size of a scheme (2006)
Lowest 93,000 sq ft 10 year average
Today: Lowest 0.1 million sq ft 0 million sq ft (2014) 0 (2014) Average size of a floor Construction volumes remain at the same level. 1 Total amount completed this survey Total amount of space under construction 0 sq ft which has been let 5,000 sq ft Number of cycle spaces being built 100 0% 100%
London Office Crane Survey 11 Submarket snapshots Southbank
Southbank office development pipeline Million sq ft 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Completed u/c available u/c let
Total amount under construction Number of new construction starts Which sector Today Highest is currently Highest taking the 1.6 million sq ft (2014) most space? N/A 0 The second survey in a 2 Average size of a scheme row that no new starts (2012) have been recorded Today: Lowest 220,000 sq ft 10 year average 0.2 million sq ft Lowest 0.1 million sq ft (2010) 0 Construction volumes continue to fall close to the (2013) Average size of a floor 2010 low point. 1 Total amount completed this survey Total amount of space under construction 50 thousand sq ft which has been let 21,700 sq ft across 1 building Number of cycle spaces being built 164 0% 100%
12 Crane Survey results
London Office Crane Survey 13 Crane Survey results Construction volumes up
Total volume under construction per survey – central London The total volume of office space under Million sq ft construction rises 20 The results of the latest Crane Survey reveal that 18 the volume of office construction in central London 16 has increased by 24% over the past six months, to 14 9.5 million sq ft. While this figure is below the recent 12 peak reached in 2013, it just exceeds the 10-year average of 9.2 million sq ft and comes at a time when 10 the amount of available office space across central 8 London has fallen to its lowest level in seven years. 6 4 Office construction is spread across the 2 London submarkets 0 The growth of construction has been spread across all but two (Southbank and Paddington) of the London submarkets. The biggest increases have been in 2002 Q1 2002 Q3 2003 Q1 2003 Q3 2004 Q1 2004 Q3 2005 Q1 2005 Q3 2006 Q1 2006 Q3 2007 Q1 2007 Q3 2008 Q1 2008 Q3 2009 Q1 2009 Q3 2010 Q1 2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3 2013 Q1 2013 Q3 2014 Q1 2014 Q3 2015 Q1 Midtown and the West End, with activity up by 44% and 24% respectively. However, the City market continues to Total volume under construction by submarket Million sq ft make up nearly half (48%) of total construction.
9.5 Total
4.5 2.3 0.7 0.4 1.3 0.1 0.2 City West End Docklands King’s Midtown Paddington Southbank Cross 14 2015 sees a noticeable increase in new starts Volume of new starts per survey – central London Million sq ft The increase in new starts reported in our winter 2014 5.0 Crane Survey has been exceeded in the latest results: 4.5 31 new schemes have started in the six months to 4.0 the end of March 2015, adding 4.4 million sq ft to 3.5 the pipeline. This is the greatest volume of space to 3.0 start since 2011 (the year in which three of the largest 2.5 Average volume of new starts towers in the City began development) and the second 2.0 highest in the past 20 years. 1.5 1.0 The City has once again fuelled the growth, with ten 0.5 new buildings starting on site, accounting for 39% of 0.0 all the new space recorded in this survey. In Midtown and Docklands, where no new activity was reported in our previous survey, there were six and one new 2002 Q3 2003 Q1 2003 Q3 2004 Q1 2004 Q3 2005 Q1 2005 Q3 2006 Q1 2006 Q3 2007 Q1 2007 Q3 2008 Q1 2008 Q3 2009 Q1 2009 Q3 2010 Q1 2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3 2013 Q1 2013 Q3 2014 Q1 2014 Q3 2015 Q1 starts respectively, adding a combined 1.4 million sq ft Source: Deloitte Real Estate to the pipeline. The West End has seen 11 new starts, the most since 2013 and the largest volume of space since 2011, with 0.9 million sq ft starting. New activity Top 10 developers by office space under construction across Central London continues to elude the Southbank, which has seen no Developer Rank new starts for the second survey in succession. Land Securities 1 Who is developing the space? Brookfield 2 As we previously predicted, following a raft of Canary Wharf 3 completions over the past six months, a shift in the mix of developers has started.1 Property companies now Stanhope 4 account for 50% of the space under construction, down Blackstone 5 from 60% in our last survey. In contrast, institutions are responsible for two-thirds of the new space in the survey, WRBC Development 6 kick-starting this latest increase in development. The list Derwent London 7 of top ten developers (ranked by volume of space under Oxford Properties 8 construction) has already changed, and it will continue to evolve as developers gear up for the next phase of King’s Cross Central Limited Partnership 9 construction. Bloomberg 10
1 London Office Crane Survey, Winter 2014, Deloitte LLP London Office Crane Survey 15 Summer 2015 – Office space under construction Completions reach the highest level in ten years 2.6 million sq ft of space was completed in the six Total sq ft Let sq ft Available sq ft months since our last survey. This reflects the completion City 4,515,000 8% 2,169,500 3% 2,364,000 14% of the final wave of schemes that began in 2010-11, during the initial stages of economic recovery. Our last West End 2,310,000 24% 370,000 53% 1,940,000 20% survey indicated that 2014 would see a ten-year high in Docklands 688,000 100% 280,000 100% 408,000 100% completed space, and our data now confirms this: -5% -56% King’s Cross 376,000 163,000 213,000 719% 6.3 million sq ft was completed, the most since 2003. Of this, 53% was let prior to completion, demonstrating Midtown 1,259,000 519,000 740,000 44% 26% 60% the continued high demand from tenants for new space. 0% 0% 0% Paddington 93,000 0 93,000 -19% 0% -19% Delivery in 2015 will be much lower than in 2014. Southbank 220,000 0 220,000 At 3.4 million sq ft, our current estimate is 20% below Total 9,461,000 24% 3,501,500 22% 5,960,000 31% the ten-year average annual level for completions. The Change since last survey next significant increase will be in 2016, when over half (52%) the new starts recorded in this survey are due to complete.
The rise in development brings new letting opportunities Of the total 9.5 million sq ft under construction, 6 million sq ft is available to let. This is a higher share of total activity than in our previous Crane Survey. However, the increase is due to a rise in speculative development, rather than a decline in leasing. In fact, there has also been an increase in the volume of let space under construction: this currently stands at Largest building to have 3.5 million sq ft, up from 3.1 million sq ft six months completed in this survey ago. 5 Broadgate City: 700,000 sq ft
16 Percentage of spaces let by sector
TMT Financial Professional Legal Corporate Government Insurance Other Largest new start 49% 25% 8% 5% 5% 4% 2% 1% 1 Bank Street Docklands: 688,000 sq ft
No slowdown in occupier activity as TMT tenants fuel lettings Of the 3.5 million sq ft of space under construction that has been let, nearly half (49%) has been to TMT occupiers – more than the financial sector, which now accounts for 25%, but has often dominated leasing in previous surveys. Largest new speculative These two business sectors are driving the demand for scheme under construction new space. There has been an increase in the professional sector (to 8%) but this is attributable to just one deal. 1 Angel Court Deloitte Real Estate’s recent London Business Footprint series, which explores the evolution of office occupation City: 300,000 sq ft across central London by business sector since 2004, shows that tenants are now more willing to move to different submarkets and also highlights how the financial and TMT business sectors are fuelling new development.
London Office Crane Survey 17 Reason for occupier movement Tenants take the opportunity to upsize Businesses are trading up in size when taking new space. Of the leasing deals recorded for schemes under construction, almost all involve businesses taking extra More space space to facilitate expansion. As noted in our previous Consolidation – more space surveys, even those that are moving from multiple Consolidation – less space 54% offices to one location are increasing their footprint. New entrant In this survey these tenants have moved from a combined total of 2.0 million sq ft to 3.5 million sq ft. We have identified just one occupier that is consolidating multiple offices into a smaller space.
36%
7% 4%
Source: Deloitte Real Estate
Tenants are moving from a combined 2.0 million sq ft to 3.5 million sq ft
3.5m sq ft 37% 2.0m sq ft of space has been let during construction
18 The City strengthens its attraction for tenants Tenant movement The latest data for leasing transactions on space City Total Moved Moved Stayed Net under construction shows that the City and Midtown number in out submarket continue to attract both tenants who are already of deals deals present in the market and also new entrants. Five more businesses have chosen to locate within the EC postcodes and two new firms will move to the 18 5 1 12 16 Midtown area. Our research shows, in comparison, that there was a net increase of just one new firm in the West End Total Moved Moved Stayed Net number in out submarket West End, Docklands and King’s Cross. of deals deals 7 1 3 3 1
Docklands Total Moved Moved Stayed Net number in out submarket of deals deals 1 1 0 0 1
King’s Cross Total Moved Moved Stayed Net number in out submarket of deals deals 1 1 0 0 1
Midtown Total Moved Moved Stayed Net number in out submarket of deals deals 5 2 0 3 5
London Office Crane Survey 19 Outlook
20 Outlook The next five years
Overview Central London development pipeline Million sq ft • Recent Crane Surveys have highlighted the fact that
at current levels of activity, the delivery of new 10 office space will fall to low levels in the short term.
8 • This Crane Survey shows that developers have responded to the opportunity this creates by starting work on a significant volume of new space. 6 Average Grade A take-up
• This increase in activity has come too late to alter the 4 delivery of space in 2015 by much. The slight uplift in 2015 is mainly the result of schemes originally due to 2 complete in 2014 shifting delivery date.
• However, it is a different story for 2016, 2017 and 0
2018. The rise in new starts identified in this 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 survey means that the volume of space under Completed u/c available u/c let construction and due to complete in these years
has now started to increase. Source: Deloitte Real Estate
• In addition to the buildings under construction we also track schemes that are progressing through the pre-development process, but that have not yet started on site.
• The latest Crane Survey results, combined with our analysis of these future schemes and their likely completion dates, currently indicate that the supply pipeline has started to rise and that delivery may exceed the long-run average in 2017-18.
London Office Crane Survey 21 Current market conditions still suggest a London’s economy has proven resilient and there has short-term supply shortage… been strong growth in employment and business The ramping up of new developments over the last output since the downturn. Indeed, the Deloitte CFO six months has come too late to significantly alter the Surveys during 2014 show that the risk appetite of delivery of new space in 2015. Only a limited amount major businesses increased and the inclination to of new office supply is due to be delivered in the rest of increase capital expenditure and expansion also rose 2015, and of this a sizeable proportion is pre-let. in prominence. While the CFOs’ latest responses towards these strategies decreased at the beginning Meanwhile demand has been recovering: the volume of the year owing to the uncertainty surrounding the of space let in 2014 was the highest since 2006, and General Election, the prospect of a possible exit from while take-up of Grade A space did not quite reach a the European Union, and continuing regulatory change new high, it was (at 5.3 million sq ft) 10% above the in the financial markets, 60% of CFOs remain in an long-term annual average. expansionary mood.2
Grade A vacancy levels in many parts of the market … leading to a further period of rising rents have fallen to very low levels. The slowdown in Given the short-term supply shortage and recovering development during the economic downturn meant demand, it is not surprising that our rental forecasts that the availability ratio across central London has suggest a period of further increases, as tenants are gradually fallen from a peak of 10.1% in 2009 forced to compete harder for available space. to the current level of 4.9%. The increase that we predict over the next 12 months will not only send a strong signal to developers; it may also potentially improve the financial viability of developments.
2 Deloitte CFO Survey Q1 2015, Deloitte LLP 22 Developers continue to gear up The balance tilts back to office from residential Six months ago we commented on the low supply of We have noted in previous Crane Surveys that some committed development post-2015, which created potential office schemes have been converted to a window of opportunity for delivering schemes. residential developments, driven by rapid rises in the The almost record levels of new starts shows that this value of prime central London residential locations. opportunity has not been overlooked by developers. However this dynamic is changing. The rate of growth in residential values has slowed down while office rents There are reasons to expect more new starts in and values have risen. Schemes where, 12 months the short term. Developers are continuing to ready ago, developers would have sought to gain consent additional sites for construction, with demolition or for residential use, are once again being considered site preparation being undertaken for schemes more attractive as office developments. We expect this totalling 5.1 million sq ft. Our in-house database that trend to reduce the number of sites lost to non-office tracks all office schemes across central London (from development. proposals through to permission, demolition and then construction) shows that this is a marginally lower volume than six months ago. However, this ignores the ‘churn factor’. A large number of schemes have moved from demolition in our last survey to construction in this Demolition levels are at one; so the fact that demolition levels have remained more or less the same is an indication of the pace at which developers are continuing to prepare sites. 5.1 million sq ft
London Office Crane Survey 23 Potential share of construction volume by type of developer, 2016-19 The mix of developers continues to shift As expected, we continue to see a slow shift in the
45% mix of developers active in the market. While property companies still to account for half of the space under 40% construction, the prominence of REITs within this sector 35% has started to decline: in our Winter 2014 survey, they 30% accounted for 32% of current construction, while today
25% their share has fallen to 21%. Institutions now account for 40% of developments, largely as a result of the new 20% schemes that have recently started. 15%
10% Looking further ahead, our data suggests that this shift will continue. Our database shows that private property 5% companies and institutions will play a prominent role in 0% development over the next five years, accounting Institutions Private Property Company REIT for 68% of the development in our pipeline. Public Property Company Owner Occupier Local Government
Source: Deloitte Real Estate
24 Potential for new supply to exceed long term Central London development pipeline forecast Million sq ft average levels Currently there is just 2.6 million sq ft of office space 16 under construction for delivery in 2017 and 2018 (over 14 half of which is already let) despite the sharp rise in new starts recorded in this survey. However, with 12 rents expected to rise and a number of sites available 10 to commence construction imminently, we foresee the potential for delivery in these years to exceed the 8 long-term average. Nevertheless, we are mindful of a 6 number of factors: 4 • Since the downturn, the delivery of new space has 2 been below average and Grade A vacancy is currently at low levels. 0 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 • A significant proportion of potential new space will be pre-let. Completed u/c available u/c let Agreed let not yet started Forecast speculative Forecast pre-let Average annual delivery • The potential increase in supply will be felt at Source: Deloitte Real Estate different times in different parts of central London. It will come the soonest in the West End in 2016, whereas in the City it will come later, in 2019, and in the other markets the increase is expected to be in 2018.
• The shape of the pipeline can alter as delivery dates for individual schemes change.
London Office Crane Survey 25 The nature of demand is changing
In previous Crane Surveys we have emphasised our Businesses are becoming more flexible with conviction that demand for central London’s office location choice space will continue to benefit from its attractiveness Recent Crane Surveys have highlighted the footloose both to major global companies and start-ups, as well nature of businesses within central London. This is as from its position as a leading global centre for talent backed up by our London Business Footprint research, and high-skills employment. which shows an increasing diversity of tenants in virtually all London submarkets. Nevertheless, our pipeline forecast highlights the need for developers to fully understand the market dynamics This in turn is driving change in the way that London’s that could come into play over the next five years. As office submarkets are defined and is reducing the supply increases, the balance of negotiating power will importance of perceived market boundaries. An shift towards occupiers: this means that an appreciation example is the change in what is understood to be of the nuances and intricacies of tenant demand, the City: traditionally EC postcodes have defined the product requirements, and the evolution of markets will “square mile”. However, with Old Street, Clerkenwell be more important than ever. In particular, we highlight and Aldgate becoming more prominent office two specific ways in which we believe these factors are locations, boundaries are now becoming blurred. changing. And what about beyond the confines of central The way that businesses use space is evolving London? We have identified seven million sq ft of new Our recent research into the occupiers of central office space that could be delivered over our outlook London offices shows dramatic growth in serviced period in Stratford, Battersea/Nine Elms and White office space.3 We believe businesses increasingly value City. New transport links, such as Crossrail launching the flexibility and opportunities to collaborate that this in 2018, which will serve Stratford, and the extension type of space can provide, and they will consequently of the Northern Line to Nine Elms and Battersea Power want to incorporate characteristics from it into their Station, are increasing the attractiveness of these own buildings. Our research also shows that the office locations to certain types of tenant. will play an increasingly important role in the battle for talent, as prospective employees look for dynamic and attractive work environments. Ultimately, buildings that cannot be adapted to suit these changing requirements could become functionally obsolete at an earlier stage in their life cycle, increasing the churn of tenants and the demand for new space.
3 The London Business Footprint, The growth of serviced offices, Deloitte LLP, 2015 26 Crossrail has already sparked developer interest along its route and their plans are now featuring in our forecast pipeline. Proposed infrastructure projects As supply increases, the balance (Crossrail 2, HS2 and the redevelopment of Euston) will all provide impetus for further development of office of negotiating power will markets – and support construction activity across inner London. shift towards occupiers … Construction activity to rise Our recent Crane Surveys have discussed the building momentum for the next cycle of development. Our latest results shows this phase has now arrived, with a sharp increase in new construction, and further developer commitment to schemes in 2018 and 2019. While 2015 will be subdued with regard to the level of space completed, we believe that the volume of space under development will rebound further from now through to 2019. More than ever, success will depend on understanding demand, as well as supply.
London Office Crane Survey 27 Development table
28 Development table
Total Space Post Completion space available No. Scheme code Developer Tenant date sq ft sq ft City Under Construction 1 1 New Ludgate EC4 Land Securities Ropes & Gray Q2 2015 153,000 113,000 2 2 New Ludgate EC4 Land Securities Mizuho Q2 2015 193,000 0 3 C Space (Maple House, 37-45 City Road) EC1 Helical Bar Q2 2015 62,000 62,000 4 The Studio, The Bower, 211 Old Street EC1 Helical Bar/Crosstree Real Estate John Brown Media Q2 2015 19,000 0 Partners 5 Alphabeta, 14 Finsbury Square EC2 Resolution Property SEI Investments, Silicon Valley Bank, We Are Q2 2015 220,000 29,000 Social, Maxus Global, Opentable, Mendeley, Virtual 1 6 4 Fore Street EC2 The Salters’ Company The Salters’ Company Q3 2015 50,000 20,000 7 99 Clifton Street EC2 Helical Bar/UBS Triton Property Q3 2015 43,000 43,000 8 Sutton Yard EC1 Private family trust Q3 2015 75,000 75,000 9 The Warehouse, The Bower, EC1 Helical Bar/Crosstree Real Estate Farfetch.com Q3 2015 122,000 97,500 211 Old Street Partners 10 122 Back Church Lane E1 Boultbee Brooks Ltd Q3 2015 25,000 25,000 11 8 Finsbury Circus EC2 Mitsubishi Estate Company/Stanhope Q1 2016 170,000 170,000 12 The Monument Building ,11-19 EC3 Skanska Skanska Q2 2016 87,000 70,000 Monument Street 13 1 King William Street EC4 Nippon Telegraph and Telephone Q2 2016 102,000 102,000 Corporation/Kajima Europe 14 45 Cannon Street EC4 Morgan Capital Partners LLP Q2 2016 82,000 82,000 15 108 Cannon Street EC4 Beltane Asset Management/M&G Q2 2016 39,500 39,500 Real Estate 16 White Collar Factory, Old Street Yard EC1 Derwent London Q3 2016 276,000 276,000 17 Angel Court EC2 Mitsui Fudosan/Stanhope Q3 2016 300,000 300,000 18 Principal Place, Shoreditch High Street E1 Brookfield Amazon Q4 2016 607,000 0 19 Mitre Square EC3 Helical Bar/HOOPP/City Corporation Q4 2016 273,000 273,000 20 24 King William Street EC4 Beltane Asset Management / Angelo Q1 2017 82,000 82,000 Gordon 21 Bloomberg Place EC4 Bloomberg/Stanhope Bloomberg Q1 2017 663,000 0 22 2 London Wall Place EC2 Brookfield/Oxford Properties Q1 2017 177,000 177,000 23 1 London Wall Place EC2 Brookfield/Oxford Properties Schroders Q2 2017 309,000 0 24 52-54 Lime Street & 27 Leadenhall Street EC3 WRBC Development WR Berkeley Q2 2017 386,000 310,000 (The Scalpel) Total 4,515,500 2,346,000 City Completed 25 Aldgate Tower E1 Aldgate Developments TAG Q4 2014 317,000 277,000 26 The Steward Building, 27-33 Artillery E1 TIAA Henderson Q4 2014 49,000 49,000 Lane 27 100 Cheapside EC2 Standard Life Investments/City Q4 2014 87,000 87,000 Corporation 28 5 Cheapside EC2 Amsprop Q4 2014 39,000 39,000 29 70 Mark Lane EC3 Mitsui Fudosan/Stanhope Miller Insurance Services, Zurich Q4 2014 168,000 16,000 30 5 Broadgate EC2 British Land/GIC UBS Q1 2015 700,000 0 31 Asia House, 31-33 Lime Street EC3 Beltane Asset Management SCOR Global Life Reinsurance Q1 2015 20,000 0 Total 1,380,000 468,000
Red texts indicates a new start
London Office Crane Survey 29 Development table
Total Space Post Completion space available No. Scheme code Developer Tenant date sq ft sq ft West End Under Construction 32 90-95 Wimpole Street/25 Wigmore W1 Lazari Investments Q2 2015 57,000 57,000 Street 33 24 Savile Row W1 Terrace Hill/Aerium DSQUARED2 Q2 2015 25,000 16,000 34 55 St James’s Street SW1 Lothbury Investment Managers Q2 2015 25,000 25,000 35 11 Soho Street W1 Dukelease Properties/British Airways Q2 2015 14,000 14,000 Pension Trust 36 41-42 Welbeck Street W1 Howard de Walden Estates Q2 2015 12,000 12,000 37 184-188 Oxford Street (30 Market Place) W1 PEC Oxford Q2 2015 22,000 22,000 38 21 Glasshouse Street W1 The Crown Estate/NBIM Q2 2015 26,000 26,000 39 33 Great Portland Street W1 Harmsworth Pooled Property Unit Trust Q2 2015 11,000 11,000 40 127 Sloane Street SW1 The Cadogan Estate Q3 2015 71,000 71,000 41 Zig Zag Building, Victoria Street SW1 Land Securities Jupiter Asset Management Q3 2015 188,000 188,000 42 34-36 Bruton Street W1 Lancer Property Management Q3 2015 13,000 13,000 43 7 Air Street W1 The Crown Estate/NBIM Q3 2015 47,000 47,000 44 Yalding House W1 British Land Q3 2015 23,000 23,000 45 54 Portland Place W1 Howard De Walden Estates Q3 2015 10,000 10,000 46 11-12 Hanover Square and 287-291 W1 Aviva Investors Q4 2015 34,000 34,000 Oxford Street 47 1-2 Welbeck Street W1 Scottish Widows Investment Q4 2015 70,000 70,000 Partnership 48 1 New Burlington Place W1 The Crown Estate/NBIM/Exemplar Q4 2015 79,000 79,000 49 51-52 Welbeck Street W1 Howard de Walden Estates Q4 2015 17,000 17,000 50 Curtis Green Building, Victoria SW1 Metropolitan Police Metropolitan Police Q4 2015 150,000 0 Embankment 51 25 Bury Street SW1 The Crown Estate Q4 2015 12,000 12,000 52 1 St James’s Market, Regent Street SW1 The Crown Estate/Oxford Properties Q1 2016 144,000 144,000 53 2 St James’s Market, Regent Street SW1 The Crown Estate/Oxford Properties Q1 2016 67,000 67,000 54 48-49 Pall Mall SW1 SFL1 (Qatar National Bank) Q1 2016 33,000 33,000 55 Nova South SW1 Land Securities Q2 2016 296,000 296,000 56 Nova North SW1 Land Securities Q2 2016 184,000 184,000 57 Colegrave House, 70 Berners Street W1 Arcadia Arcadia Q2 2016 155,000 0 58 64-66 Wigmore Street W1 Howard de Walden Estates Q2 2016 55,000 55,000 59 Verde SW1 (Eland House, Bressenden Place) SW1 Tishman Speyer Q3 2016 281,000 281,000 60 30 Broadwick Street W1 Great Portland Estates Q3 2016 85,000 85,000 61 Clarges House, 6-12 Clarges Street, and W1 British Land Q4 2016 48,000 48,000 82-84 Piccadilly 62 7-10 Hanover Square W1 Morgan Capital Partners LLP Q1 2017 56,000 56,000 Total 2,310,000 1,940,000 West End Completed 63 1 Fitzroy Place W1 Exemplar/Aviva/Kaupthing Bank Estée Lauder Q4 2014 140,000 0 64 2 Fitzroy Place W1 Exemplar/Aviva/Kaupthing Bank Q4 2014 80,000 80,000 65 Ampersand, 180 Wardour Street W1 Resolution Property/Peterson Group Q1 2015 64,000 64,000 66 20 Grosvenor Street W1 Grosvenor Estates KPMG Q1 2015 37,000 0 67 69 Grosvenor Street W1 Grosvenor Estates Q1 2015 15,000 15,000 68 33 Grosvenor Street W1 Grosvenor Estates Q1 2015 13,000 13,000 69 Carnaby Court 2, 22-25 Kingly Street W1 Shaftesbury Carnaby Q1 2015 11,000 11,000 70 11 Charles II Street SW1 The Crown Estate Q1 2015 21,000 21,000 71 8 St James’s Square SW1 Green Property SGBP Hambros, Helly Nahmad Q1 2015 62,000 62,000 Total 443,000 255,000 Red texts indicates a new start
30 Development table
Total Space Post Completion space available No. Scheme code Developer Tenant date sq ft sq ft Docklands Under Construction 72 1 Bank Street/Heron Quays E14 Canary Wharf Société Générale Q1 2018 688,000 408,000 Total 0 0 Docklands Completed
Total 0 0 King's Cross Under Construction 73 Pivotal (123 Pentonville Road) N1 Monteagle Barlow Trust Ltd Q2 2015 26,000 26,000 74 Lighthouse, 283-297 Pentonville Road N1 UK Real Estate Ltd Q4 2015 17,000 17,000 75 Three Pancras Square N1 King’s Cross Central Limited Partnership HAVAS Q2 2016 163,000 0 76 Four Pancras Square N1C King’s Cross Central Limited Partnership Q2 2017 170,000 170,000 Total 376,000 213,000 King's Cross Completed 77 Six Pancras Square N1C AXA REIM/BNP PRE Google Q4 2014 370,000 0 Total 370,000 0 Midtown Under Construction 78 40 Chancery Lane WC2 Derwent London Publicis Groupe Q2 2015 97,000 0 79 Adelphi, 1-11 John Adam Street WC2 Blackstone Q3 2015 160,000 160,000 80 77-85 Shaftesbury Avenue WC2 Dolford Property Holdings Bank of East Asia Q3 2015 59,000 42,000 81 12-14 New Fetter Lane EC4 Great Portland Estates Bird & Bird Q4 2015 118,000 0 82 Audit House, 58 Victoria Embankment EC4 Kier Property/FORE Partnership Q4 2015 48,000 48,000 83 Lacon House, 84 Theobalds Road WC1 Blackstone Q1 2016 222,000 222,000 84 98 Fetter Lane and 12 Norwich Street EC4 Blackstone/Morgan Capital Partners LLP Macfarlanes Q3 2016 85,000 58,000 85 1 New Street Square EC4 Land Securities Deloitte LLP Q3 2016 260,000 0 86 LSQ London, 48 Leicester Square WC2 Old Park Lane Management Q3 2016 110,000 110,000 87 25 Chancery lane EC4 Viridis Real Estate Q1 2017 100,000 100,000 Total 1,259,000 740,000 Midtown Completed 88 The Halo Building, One Mabledon Place WC1 Stanhope/AIMCO The Doctors Laboratory Q4 2014 89,000 0 89 81 Chancery Lane WC2 Raingate Ltd Thirty Nine Essex Street Q4 2014 50,000 0 90 Turnmill, 63 Clerkenwell Road EC1 Derwent London Publicis Groupe Q4 2014 58,000 0 91 10 Bloomsbury Way WC1 London & Regional Properties Criteo Q1 2015 155,000 117,000 Total 352,000 117,000 Paddington Under Construction 92 20 Eastbourne Terrace W2 Land Securities Q2 2016 93,000 93,000 Total 93,000 93,000 Paddington completed 0 0 Total 0 0 Southbank Under Construction 93 South Bank Tower, Stamford Street SE1 Hermes/Canada Pension Fund Q1 2016 220,000 220,000 Total 220,000 220,000 Southbank Completed 94 Metal Box Factory, 30 Great Guildford SE1 Workspace Q4 2014 50,000 50,000 Street Total 50,000 50,000
Red texts indicates a new start
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5 VEFL T C U I R O O O W B L O H A
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0 ) 63/34 4 F T L
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A O Y 36 R T M SD T A D L B H S T S
U N R T L R E O H K 44 A T AY R F R ) SD E W C S T ( M E E D T P L H T E
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0 E O N 22/23 R E R T E O R ER 5 2 C E R P T R O O R I 6 Y RD S B R Y T T E O S N BISHOPS BRIDG 0 4 T VIADU O E E R S ER RD 2 A E S S P T O A O R U RN C G H YR
BISHO DGE 4 O L S R M BO T T R E T PS I E BR N B L VIADU E T S S T S T U HO N C G S O H A E A R D H R L A R D M S BO T LONDON WALL I R C E T R N B OL E T E OA
T E E C S S N H H N A E IM D S M RN D LONDON WA B D A C 91 O LL I E A R E O E E R E E C S BU N M BN N M H I RT M O LR B D A O 91 A R E E E BU O E T O O BO N M H RT O P I L L A E 9 M H L E T G T O R OB O N N V 0 P L I L H E 9 M H L E GR T G S O T 2 H R YB N W 17 V 0 L A 57 H IG K R ESH H T E GR R E 4 S G O H Y W A 17 O T 2 A 37 G H A E U E CE 57 K I R E SH M H G S I A T G T N R E R 4 A 49 H N 78 84 A E A ST BURY OU T 37 D E CE 39 I E T M TH G E T A A S 87 2 T S LO N L N R 4 49 T EET N G 78 84 E T BURY S E E S T E 39 STR 87 T T 85 2 LOTH ST D P L R T 4 1 E D ET N G D E N U S D S ESTR OSRTRE 65 35 R S T E 85 LET S AP R O 1 EE 58 XDF W N W F ED S D I H U B D E S G SOTRR OOR 65 35 H R OE S E CHEAP 27 E LE T T C A T EM F W O B 81 ND S I C O S A G IGR 58 X AR H OL N W 89 F 1 27 D E T T E H10 TB E 92 E R WO O B E D A CHEAP SID EANE H IT C S W A EX GM 47 AR O L N 89 81 1 28 R D S C E E 92 P WI E A Y E HA H H HT W R EX ST 32 DO E D L SID T E 19 I 47 C 28 R P R E L Y L E H H C WH USS TU E U UDGATE T C 19 M S 32 DO H L OR 25 S O C S T H 14 NH R RM 80 L T EE L ILL ILL C W L USS U 46 U N TR UDGATE C 24 M Y 60 U H A S ORN IL S OE ET 59 80 E S ET HIL 14 HILL R U T I S E T E L N L YM TR 46 R R N CH TTR 21 24 E Definitions S 60 U A R Y SE IL H E D ET 69 E V E 13 U H E T I R N S RRE E W T O OT R R I DCH L C21 C T E H N XFS 62 ST R A Y EF QUE A H S E O D G VN L E EN STREET N 13 R E W H O R E A L VICTORI C N E C T R N V XFO 62 E ST I A D F Q A A O C FE HUR S O G N G L UEE STREET N N NC E N C H I A VICTORI N E C R V R E N Y A A O ST FE HUR E G 0 B N A NC O 4 C I R C A C A T S SC N U S E PRE R Y L T R 82 B D 40 T R B R A O C C A E T S S H C A A 15 S O U S G PRE R L R N 41 T T O 82 20 R 31 E T R T D B I S H A E C A R F A 15 SWRO E S G L Time period: October 2014 – March 2015 S 20 AYER N 48 T 38 T A O 3211 UPPER THAMES STREET 31 29 B E A K T W I L A R F S ENT C W E H KM L YS 38E S N 29 A A S BA 3211 F UPPER THAMES STREET ROYA B E A K W M L
B T S E ENT 68 R
40 BROOK STRE E H 86 R D NKM S 12
A S BA F ROYA
T O O N O EET
B T 43 W EM I TR 68 R S R S
40 P BROOK STRE 66 67 N 86 DA A 12 ES
A H A R U D A T O A O N O EET 42 Y A I M R A D 43 M T W RS ST
O P P 66 A A LO A S
R R 67 N D S T T W H E A A H A R U ER T
ERD 42 S AY A E M
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AOTA P K D M A T E H LO A WR R R T D S T W H S T G
Y A 33 R R BRG ER T Size minimum: 10,000 sq ft
A E
B ER K L S R W AT K A K 1 E L H W R A T E 79 1 D S G 33 R O BRG
AY L R I
B K L R E E 2 W N A A K 13 L O A E T T 79 1 O D R
L E GROSVENOR STREE A I 2 R
N E E B E N A A 4 52/53 3 O B HYDE PARK E T A T R E GROSVENOR STREE 4 A T R K G
N 93 R E 52/53 B 4 N A A B I
HYDE PARK E A N D D B 4 R K G 4 T E 93 O I A I N
A ET R A L G E R 2 N R D
L D T B Construction type: New build construction or significant/comprehensive
4 M S D I 70 I 0 E O
4 S A E BLACKFRIARS S B 61 D DG
A 2 34 ET O R 2 L G R E R 2 T M K U N L O TR D 4 0 M S
0 70 L F T I R
S 54 A E BLACKFRIARS S H B 61 DG 2 2 2 34 J L N M D O O MOUNT ST T M K R U W E 0 Y A A AO E LN T P A L 54 L TF TH A O R refurbishment – work to have started, demolition stages not included 2 L J M 51 L N S R O O
MOUNT ST T I B M W K R L WE A E L Y A W T E
S L D P A A A S O T O Y
L M 51E 71 R T S O O
M S I R T N CA S B K A T L S TW T W H 3200 T
D A E S C S E S T B R
KENSINGTON O I E 71 T O Y I T S H E O P M 94 E Z T D T S E N CA S T H A32 0 E O T T A 0
R A T C E T M B S RM E I R KENSINGTON OU I T E P I 94 H A E C E
Z T H D GARDENS R T E R O E Download the new London app R A N STREE M S T UNIO RM E I E U A D T S C ROAD A T O H GARDENS 4 50R T T R S TO A S A L U UNION STREE C S N A T L D C O E ROAD H T O 4 50 I T S D L TO A R To view the London development website visit: A W HU G V C N L T D I C O K A E H S I ST JAMES'S R W H D E J GREEN PARK R T H A A G D V Y E T D I S M 15 K O A O H L 3 R A ST JAMES'S H O E J A www.newlondondevelopment.com A R Y A GREEN PARK T R G S A L N D PARK Y I GE E G O M C O T RID 15 O O UH SB 3 R E L A A T O L R R A GH A Y O A I OG S KN E G PARK L R N N I R NGTON GORE G G G E O C O SI O T EN ID RU G E E ENS K SBR R E R E L A A ING T LK DG E R T 5 RI D R ON H A31 KNIGH 4 O WA TMINSTER B O O I O R A R I T N G E WES B N T GH STREE NSI GTON GORE S AG W RG R G E E O KE A R V DC R A B E DGE ENSINGT 5 IR LK RIDGE E D A E I A ON A31 O E B WA MINSTER B O D I O R A H 4 ST S K E WE T T IGH STREET S N H W TM R B E 2 R A AG A R 1 D V G A DC B D 9 BDG S O N IR A I A E I BM E D 8 I A A With the future of London literally at your fingertips, the New London App is a must have K K G R S T O L N H RD R O N CH D TM UG 2
G O R D O P UG S OR V 1 A G B L O A D 9 B R S N T B 2 W A L I M T 0 M H E 8 O E ET K A I A G A R R B O E L C E 3 R N RID OAD GH RD A R TR O N G A D S GE R ROU H D Y S O P U I O O R V E U N G E B L R E A ABB L D N T T B 2 W for investors, property owners, developers or occupiers, within the UK and internationally. O L N T T 0 M R H P E S A O E E AT A ET A LB R C T E B T E S E E 3 R E RI AD A E R E D O U R T N P S R A GE R H R R OD Y S I O R E E U C N E B S EE T AB L O D N S T S E R R O M N A A P S R T R A T B E AT E A S LB C T 41 I E L E T E S E S B U T O E D 59 R E O E G P R S N O There is simply no other tool in the market with the capability to showcase London’s offer R M G R R T E O CA R R S L E T T A E T S P LAMBETH 3 E A E GR E E A C O M G I A K A 0 S B T E B R V 2 O R N A S R R 41 I IT L 3 D E D E T R B S T O S E D 59O R H A O I E G G R N R M G T R P T L A O A T G R T H A E E O T R LAMBETPALACE H 3 A RG E E G V A C P E E R B NT E VI K 20 O E B N in this way and it is set to revolutionise how the industry goes to market. R R R E W IT D 3 D D E T R B A R O S O E H A O I G ST O R AD O P T A P R T R G R L R C H PALACE R E A O V M A 40 A E H R NT 55/56 V T E E D E E A W R E D B R
B
A A 3 R O E O D 3 C B ST A O E L A E O D W
P C R L M R R 2 L L C T 2 N A R M A A E 4 40 A ES 55A /56 U L H W OE A 1 V R S M T K D A201 D
A E A E A ENT ROA T A
P 3 D 3 C E B T 6 E U O L A X E W
AD C N L M A LL RO 2 R L H T H A 2 NE MWE 4 D Q ES A S U L W O RO A 1 T S M 6 K A201 S A RS D C A A A A T P C 3 ENT RO London Office Crane Survey data now added. T 6 O X L E D AD U N N L O 0 O A RO H H 3 A ELL Q HA ROMW D R O ST M B R 6 C S A R RS A O T B C 3 A OL O A L I K D N N A E L O D 0 R O L G T www.deloitte.co.uk/newlondonapp S E M D A H N 3 G B HA R TON L O M R E D N O T G R R A N OL K O OP B R A
I K W A A A D E E O N A N E O ST W R M L V G B T N S E I M D T H A N
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W K A RO C A OA I E L E U O BR O N O ST W M I V A B W N T
U A N N S E O NE D O D S W Y D 2 L M M T A Q K B A R D 0 LA A N
L A R
Y L O D 7 O 3 L OA 2 K RO BR O 1 C W I N L U D O E B 2 RD K A A T O A W R U N T 3 R O 3 N NE D D S NE W C D ICY D 2 M G T A I 2 G A A L B A 0 M N L L Y 1 A I O H D 8 7 S M R W 2 O N 3 1 E N London Office Crane Survey 33 32 O 1 E L I W W 2 N D R B
A . A T Y 2 P RD I N O A R D 3 R O O I A K 3 E T D R
A NE C D IC T K G T G I R 2 N O 8 S A A L M IN A O R S R 1 R H 8 D M B W V
0 T E N 1 N IE 32 L I W 2 N A A A N . R A E O P I N L 3 Y R I A D O O U E E DR R D A A E D E Y T B K O S R R X N O 8 A R L K A R E S A S H R K 0 T D B V O IE G T A N A A N E O T O A A R L 3 R R U A L OIN R U L E R D A E E Y B L B A D E RK D L E X E 2 K B K L P E S A S T R E H N K 15 E D G A T A RI LA O T O T R U D A N NR R A N R I L GTO A L I E B L G NIN A D E O K L P E E EN E O 2 S E 2 B K N TP K D R A T R A 3 15 E D O 1 I L G 4 C T 2 D N 2 N
R A M I H 3 G INGTO 21 L A N E O A P A E HENN IO B IF S L 2 K A T
D R H A R 3 N C
F L O 1 S G D 4 C A 2 6 L 2 A E Y 3 N T
M U H 212 3 3 O E OA 21
L Y A NE F D M B R O C G A 0 R O G A D RO R RO A U H I
IF L R NT SVENO 3 A R K Y A A H A E H D N C N
R A M T
F L O K E A S R B A D H B O N A 6 L A R N F E 3 T E R Y 21 D O E N L A
U BA 2 A 3 E A O
U D Y E A L M
F L D R
S O C G A 0 R U G M L O R O A
G D E T OSVENOR R S 3 R R Y BURGESS PARK E G O N S R A K L
A A E H M D N A
R N N M L T W H O B
I E RIVER THAMES E A A O A K E M G
O N H B R N F E L S K E D R A
R
A BA N A E A A A
U RD K E I L B
S S L
L N E M L
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O H E S R BURGESS PARK
G C E E G O L S B A H L R
N N LM L
H A E D O W E RIVER THAMES I T C E T M G A 12 R A A KENNINGTON L
SD K 2 Y E A 3 A R
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A A I N M A O H K E I B R E S D R D L E N F V
O D HS E R E B C E L O R B H N E O R L T G
A K E KD T R E I R PARK T C L T M T 7 2 R R R W L 1 A KENNINGTON A N W A D 1 A 32 Y E A M A H R O
A 2 A E I A M E W O H N S E D R 3 D A L D U F V E S E RP E R B L D 3 A A G O R N N O O D H E 2 T T G N E Y K AK T A R E I R R PARK 2 7 E L D M D P E T R ER N W W A N W 0 1 O H A BATTERSEA PARK E S A M A H 2 W E A O N A E C R S A 3 V AL L R D U 3 E E E P R L O G A N A O E T D HC 2 T N A E R Y T A W A 2 E D D P E D 0 O H BATTERSEA PARK BA E N W C S A V ER A L RO E T C A T W D BA Under construction Complete Under construction Complete Contacts
West End City Stephen Peers Steve Johns Partner Director 020 7303 3260 020 7303 2581 [email protected] [email protected]
West End Occupiers Rhodri Phillips Chris Lewis Director Director 020 7007 8012 020 7303 3201 [email protected] [email protected]
Author Author Shaun Dawson Will Matthews Research Manager Head of Real Estate Research 020 7303 0734 020 7303 4776 [email protected] [email protected]
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