London Office Crane Survey Activity Rising

London Office Crane Survey Activity rising

Summer 2013 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

Summer 2013 – Office space under construction

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

City 4,443,000 1,963,000 2,480,000

Docklands 540,000 250,000 290,000

King's Cross 800,000 455,000 345,000

Midtown 722,000 0 722,000

Paddington 0 0 0

Southbank 982,000 106,000 876,000

West End 2,256,000 432,000 1,824,000

Total 9,743,000 3,206,000 6,537,000

Ofﬁce space under construction

Million sq ft

5.0

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 (Summer 2012) 6 months ago (Winter 2012) Today (Summer 2013)

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Construction volumes have reached a four year high across Central London and leasing activity has increased.

The total volume of space under construction reached Interestingly, the data shows that demand is currently 9.7 million sq ft at the end of Q1 2013; a rise of being driven by both the financial sector and the 8% over the last six months. This is the highest volume technology, media and telecommunications (TMT) of space underway for four years. Importantly, a third sector, each accounting for almost 30% of total of this space is pre-committed to tenants, a notable letting activity. increase on just 12 months ago. However, despite the more positive leasing data, Construction volumes continue to rise in the City the reality is that overall take-up levels remain below market and activity is flourishing in some of the smaller average with occupiers still very cautious when it comes submarket locations as well. Office development in to making relocation decisions. The pattern of recent King’s Cross has more than doubled since this time last transactions also highlights the continued attraction year and Midtown construction is up 57%. Conversely, of lower rent locations and secondhand space. This Paddington and the Southbank have seen no new is unsurprising given that our CFO Survey continues construction starts this survey, whilst the West End has to highlight ‘reducing costs’ as the top priority for seen a slight slowdown in activity, albeit following a corporates at the moment. This might be about to period of strong growth. change however with the latest CFO Survey showing a significant positive shift in corporate confidence levels Developers will be encouraged by the sharp increase in that may indicate increasing activity from occupiers in letting activity on new build schemes. Two years ago the second half of the year. just 1% of the space being built was let; this has jumped to 33% today.

Market by numbers

Total number of new construction development schemes 15 starts 72

of office Construction activity space under up on six months ago 9.7m sq ft construction 8% Completed office of space under space in the past 33% construction is let six months totals 1.1m sq ft

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The City

Construction activity in the City has more than doubled since the bottom of the development cycle two years ago. 4.4 million sq ft is currently under construction, up 10% over the last six months and the highest level for four years.

Headline construction activity seems to suggest a One St Paul’s, EC4 is the only other scheme underway market in rude health with continued strong growth which has secured a tenant since the last survey. It is in development this survey. Active sites include the clear that landlords are still finding the environment high profile City tower schemes and, new this survey, challenging as occupier caution translates into low levels the 663,000 sq ft Bloomberg campus headquarters of leasing transactions. development. Indeed, field research for the Crane Survey has However, aside from these large-scale sites the market highlighted a number of schemes which could have remains relatively quiet. These super-sized schemes been well underway by the cut-off date for this latest flatter the data both in terms of volume being built and survey, but remain on hold as developers await stronger also the amount of new space let. While construction occupational market conditions. is up again this survey, this is almost entirely due to Bloomberg Place breaking ground. The latest data shows that this scheme was one of only three new development starts since the last survey; the lowest number of site starts for two and a half years.

And, whilst leasing activity on the space currently under construction has almost doubled from six months ago, the majority of this activity is within the tower buildings located in the EC3 submarket.

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 2016

Completed Available U/C Let U/C

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However, we have noted a change in sentiment in The City – volume under construction % the City office market since the start of the year. As suggested in our previous Crane Survey, 2012 saw the lowest level of office completions in the City for over 25 years. This unprecedented low level of new supply has allowed the market balance to readjust in favour of 44% the landlord, as the supply of existing space begins to

reduce. Grade A availability in the City is at its lowest 56% level for five years and tenants are increasingly finding themselves in competition for the reducing tranches of space. A number of the ‘bell-wether’ vacant schemes are now transacting, reducing the ability of potential occupiers to sit back and wait for conditions to improve. Let U/C Available U/C This is likely to add a little more urgency into the market over the next few months.

The City – number of new starts per crane survey

2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3 2013 Q1

Market by numbers

new construction Total number of 3 starts development schemes 22 of office Construction activity space under up on a year ago by 4.4m sq ft construction 26%

Completed office average size space in the past six months totals k sq ft 202k sq ft of a scheme 431

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West End

Developers were fast to react to improving conditions following the low levels of completions in 2011 and as a result this year will see 1.6 m sq ft complete, the highest level for seven years.

The latest results show that, at 2.3 million sq ft, the total Indeed, occupier demand in this submarket has been amount of office space being built in the West End has low over the last few Crane Surveys, partly due to the fallen slightly since the last survey with the volume of relatively high cost of moving to this area and partly due completions being closely matched by new starts. Five to the lack of suitable stock. With almost 400,000 sq ft schemes have commenced construction during the last completing this year it will be interesting to see how the six months, adding 359,000 sq ft to the pipeline. market responds.

The vast majority of this new space (97%) is being built However, the most recent development focus remains by UK public property companies – highlighting their outside Mayfair with four of the five new starts in this continued dominance of the West End development survey being built in either the North of Oxford Street or market. The largest new start is Land Securities’ Victoria submarkets. This now means that three quarters 188,000 sq ft ‘Zig Zag Building’ in Victoria as it of the space currently under construction is being built continues to drive the regeneration of this submarket. in one of these two locations. This activity reflects the strong rental growth profiles of the West End The data from this survey shows that 2013 will see submarkets: since 2009 Mayfair has seen rental growth the highest volume of space completing in a single of 42%, whereas North of Oxford Street and Victoria year since 2005. 1.6 million sq ft is due to complete, have seen rental rises of 74% and 51% respectively. of which three quarters is available to let. Significantly, 40% of this available space is in Mayfair: the first significant quantity of space being delivered here for several years.

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

Completed Available U/C Let U/C

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Grade A availability levels in the West End remain high West End – volume under construction % having more than doubled over the last year and a half. Combine this with the high level of development completions scheduled for this year, and 2013’s Grade A 19% availability could hit an eight-year peak.

Despite this elevated supply we believe that improving occupier sentiment and the wide geographical spread of new product will mean that this increase in 81% available office space is unlikely to translate into falling rents. Indeed, rents should continue to rise in some submarkets helped in part by the continuing trend of pre-completion letting deals taking space off the market. Let U/C Available U/C

The threat of increasing competition does not appear to be dampening the appetite to build new offices and West End – number of new starts per crane survey we are monitoring a number of schemes which are

due to start over the next few months: highlighting the 13 continued developer and investor confidence in this key London market. 10

8 8

2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3 2013 Q1

Market by numbers

new construction Total number of 5 starts development schemes 26 of office Change in construction space under activity on a year ago 2.3m sq ft construction -15%

Completed office average size space in the past six months totals k sq ft 87k sq ft of a scheme 376

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Midtown

Construction volumes have increased by 57% over the last twelve months as developer confidence in this market continues to grow.

There have been four new starts in Midtown adding In particular, 40% of take-up last year was from the TMT 288,000 sq ft of new space to the development sector and there continues to be a number of media- pipeline. Developers have been buoyed by solid tenant related organisations under offer on space in the area. demand and reducing availability: the amount of Grade This interest alongside the eagerly awaited arrival of A space available to let reached a five year low at the Crossrail at Farringdon is further cementing Midtown as end of 2012. a key office market and not simply a hinterland between the City and the West End. 722,000 sq ft is currently under construction with 292,000 sq ft due to be delivered in 2013 across five buildings, and the remainder in 2014. Currently, all of this space is available to let, however tenant demand for office space in Midtown remains robust and a number of significant occupiers have active requirements in this submarket.

Market by numbers

new construction Average size of 4 starts a scheme 72k sq ft

of office Construction activity space under up on a year ago by 722k sq ft construction 57%

Completed office schemes currently under space in the past 10 development six months totals 191 k sq ft

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Southbank

Development activity remains unchanged in the Southbank market as the survey records no new starts or completions.

There is just under one million sq ft of office space A large part of this attraction is driven by the continued under construction in the Southbank market across four improvement of the infrastructure and services in schemes. New development activity has paused as the the area with the newly opened south entrance market waits for occupiers to commit to the historically to Blackfriars station a significant addition to the high level of speculative new space already being built. accessibility of the area. This, combined with the Indeed, the results of this latest survey show that 90% redevelopment around London Bridge station and the of the space under construction is available to let with London Bridge Quarter, complemented by a number roughly half the space completing this year and the of new bars, restaurants and contemporary hotels, remainder in 2014. means that the area is seeing a definite change.

What is clear is that the Southbank continues to attract a significant level of interest from developers. It is no longer seen as a fringe location, and is evolving into a destination in its own right. In particular, the area is becoming increasingly popular with the TMT sector.

Market by numbers

new construction Average size of 0 starts a scheme 246k sq ft of office Change in construction space under activity on a year ago 982k sq ft construction ‑39%

Completed office schemes currently under space in the past 4 development six months totals 0k sq ft

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King’s Cross

Construction volumes have more than doubled in the last twelve months as momentum continues to build in this emerging office location.

The King’s Cross office market is thriving with three Docklands further construction starts this survey. There are now Market by numbers: King’s Cross nine buildings currently under construction totalling Copy to be supplied 800,000 sq ft. With strong demand from tenants looking to be located in this area and a number of new construction significant pre-lets in place, only 40% of this space is starts available to let across two buildings, both of which complete in 2014. 3

Indeed, King’s Cross Central is now in full swing, six years after planning permission was granted. Not only are there office buildings springing up, but the large-scale investment into the area is really starting 800k sq ft to be seen. The opening of the Great Northern Hotel, numerous bars and restaurants as well as the revamp of of office space under construction King’s Cross Station and the University of the Arts’ new campus, is making this area more attractive to occupiers.

construction Looking ahead, the submarket has seen further success activity up on since the last survey with Google reaching an agreement a year ago to acquire a 2.4 acre plot at Argent’s King’s Cross 118% Central development. Subject to approval being received from Camden Council, construction could start on the new UK headquarters in late 2013. The building is scheduled for completion in 2016. 89k sq ft average size of a scheme

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Other markets

Docklands There continues to be just one scheme under Market by numbers: Docklands construction in the Docklands office market. 25 Churchill Place, a development by Canary Wharf Group on the Canary Wharf Estate which is scheduled for completion in new construction early 2014. The European Medicines Evaluation Agency starts has pre-let over 50%, leaving 290,000 sq ft available to 0 lease. The completion of this building will be the final piece of the jigsaw from the original 25 year masterplan of Canary Wharf. 540k sq ft of office space under construction

change in construction volume 0% on a year ago

scheme under 1construction

Paddington The completion of Summit House on Praed Street signals Market by numbers: Paddington the end of the current construction phase in Paddington. This 31,000 sq ft building completed at the end of 2012 and was built for advertising agency JC Decaux’s own new construction occupation. 0 starts 31k sq ft of office space completed in the last six months

change in construction volume 0% on a year ago schemes under 0 construction

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Capital markets

The Central London commercial property development market continues to be attractive to a wide range of investors, both domestic and overseas.

Yields on prime assets offering stable income streams At the smaller end of the development market, are down by over 150 basis points on 2009 levels. sub 100,000 sq ft, specialist developers with the They have now fallen below 4% in the West End, and expertise to deliver projects are being used by private are trending below 5% in the City of London on prime equity groups and funds which are financing the buildings. In this current low yield environment, the case developments. to develop Central London offices is becoming more compelling. With tenant demand starting to return, The strength of the improving development market experienced developers are now looking to enhance is evident through the interest generated when sites returns by creating new investment stock for the raft become available for sale. Although relatively rare at of investors currently seeking to buy. the moment, the depth of bidders for any available sites highlights the desire to purchase and redevelop the right Funding activity is typically split into two categories – site in the right location. the larger prime end acquisitions and the smaller end of the development market (sub 100,000 sq ft). At the Looking ahead, development levels are expected to larger end, the REITs are seeking to undertake major increase with further joint venture agreements on major developments, often with well-funded parties in joint schemes possible. Private equity backers will continue to venture agreements. Developing on this basis is an be active although return requirements will constrain site attractive option as it still allows profits to be generated values until finance returns for speculative development. whilst reducing balance sheet risk. Overseas investors see it as a preferred method for gaining development Positively for developers, interest rates appear anchored exposure, attracted by the track record of the UK REITs at historic lows, and we expect this to remain the case and their ability to deliver quality schemes. This is for some time. Quantitative easing is holding bond rates illustrated by the fact that the five largest active schemes at sub-inflation levels, and compared with pre-credit in this survey are all being developed in joint ventures. crunch levels, Sterling remains low. Overseas investment is likely to continue with significant capital now starting to emerge from new parts of the Far East. This is seen in Japan, where quantitative easing is starting to free up equity, some of which is being targeted towards new real estate projects in London.

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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. Land Securities

2. Canary Wharf Group 2. British Land

3. Land Securities 3. Canary Wharf Group

4. Stanhope 4. Archlane Ltd

5. AXA REIM 5. Exemplar

6. Derwent London 6. AXA REIM

7. Argent Group 7. Derwent London

8. Blackstone 8. Great Portland Estates

9. Bloomberg 9. Qatar National Bank

10. Great Portland Estates 10. Sellar Property Group

Summer 2013: Ofﬁce space under construction in sq ft

TOTAL 9,743,000 CITY 4,443,000 WEST END 2,256,000 SOUTHBANK

982,000 KING’S CROSS 800,000 MIDTOWN 722,000 DOCKLANDS PADDINGTON 540,000 0

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Outlook

The number of cranes on the London skyline highlights the strength of the capital’s economy in the face of the national economic malaise. Furthermore, developer confidence is increasing as market conditions show further signs of improvement.

London continues to outperform both the wider UK The location of the current development sites reflects and indeed a number of global economies on several the changing nature of London. The strength of metrics, not least the level of construction activity being some of the ‘smaller’ submarkets such as Midtown, recorded. While many other locations are suffering with Southbank and King’s Cross are being driven by a mix record low levels of development, London continues of infrastructure improvements, developer vision and an to thrive. This latest survey shows office construction openness by tenants to step away from their ‘traditional’ at a four year high: 9.7 million sq ft under construction locations. Even within the West End it is the areas represents a swift return to long-term average levels outside the core Mayfair market that are seeing most of activity following the significant slowdown in 2010 activity from both developers and tenants. and 2011. Looking ahead, the increase in activity, both Those developers that started building at the bottom construction and leasing, noted in this latest survey of the latest construction cycle are now catching the reflects the more positive sentiment evident in the gradual upswing in tenant demand. Just a year ago London office market over the last few months. This is almost all the space being built was available to let – backed up by our Q1 2013 CFO Survey which recorded reflecting the risk that developers were taking. Now, a “strikingly broad-based” rise in confidence among the latest Crane Survey data shows a third of the space the UK’s largest businesses. Importantly, UK-based has been leased. This is an endorsement of those businesses with strong overseas exposure are shifting making the decisions to fund the developments and towards more expansionary policies and while UK- also of London’s ability to provide world class office focused businesses remain defensive, optimism among space to occupiers even in the most difficult economic these companies has risen too. Barring any further major conditions. economic shocks it is likely that this confidence will translate into increasing tenant leasing activity and a Of particular importance to the London office market is number of new development starts later in the year. the current strength of the TMT sector. These companies are driving office leasing demand not just across their traditional submarkets but throughout Central London. While this industry, more than any other, is willing to consider lower-specified or second-hand space and ‘non-core’ locations, the larger corporates in this sector are beginning to have a real impact on the development pipeline. Those delivering the specialist product that suits this demand will continue to see letting success and also support the development of this important part of the London economy.

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Central London development pipeline Million sq ft

10 9 8 7 6 5 4 3 2 1 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Completed Available U/C Let U/C

Available vs let 1%

33%

2011 2013

67%

99%

Let Available

Leasing activity by sector

19% 26% CORPORATE TMT

15% INSURANCE

28% FINANCIAL 5% PROFESSIONAL

4% GOVERNMENT 2% ENERGY 0.3% OTHER – CHARITY

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Development table

No. Scheme Postcode Developer Tenant Completion Total space Space available date sq ft sq ft Paddington – Under Construction Total 0 0 Paddington – Completed 1 Summit House, Praed Street W2 DF Estates/JC Decaux JC Decaux Q4 2012 31,000 0 Total 31,000 0 West End Under Construction 2 10 Brock Street, Regent's Place NW1 British Land Debenhams Q2 2013 319,000 146,000 3 30 Brock Street, Regent’s Place NW1 British Land Q2 2013 21,000 21,000 4 62 Buckingham Gate SW1 Land Securities Q2 2013 255,000 255,000 5 10 Portman Square W1 British Land Saudi Aramco / Aspect Q2 2013 114,000 65,000 Capital 6 1 Eagle Place, 200 Piccadilly SW1 Stanhope / Crown Estate / Hoopp HayFin Q2 2013 58,000 47,000 7 17-23 Bentinck Street W1 Howard de Walden Estates Q2 2013 35,000 35,000 8 1 Page Street SW1 Derwent London Burberry Q2 2013 127,000 0 9 33 Maddox Street W1 Joint London Holdings Q3 2013 12,000 12,000 10 8-10 Hanover Street W1 Morgan Capital Partners Q3 2013 25,000 25,000 11 95 Wigmore Street W1 Great Portland Estates / SWIP – Lane Clark & Peacock Q3 2013 99,000 71,000 Real Estate 12 39 Victoria Street SW1 British Land Q3 2013 88,000 88,000 13 30 Berkeley Square W1 Philips de Pury Philips de Pury Q3 2013 52,000 26,000 14 23 King Street SW1 Standard Life Q3 2013 44,000 44,000 15 76-88 Wardour Street W1 Walbrook Land / Legal & General Q3 2013 33,000 33,000 16 Marble Arch House, Edgware Road / Seymour W1 British Land / Portman Estate Q4 2013 60,000 60,000 Street 17 149-151 Oxford Street W1 AXA REIM Q4 2013 10,000 10,000 18 10 New Burlington Street W1 Exemplar / Crown Estate Q4 2013 97,000 97,000 19 5 St James's Square SW1 Exemplar Q4 2013 15,000 15,000 20 6 St James's Square SW1 Exemplar Q4 2013 115,000 115,000 21 1-2 Stephen Street (Phase 1) W1 Derwent London BrandOpus LLP Q4 2013 23,000 5,000 22 Walmar House, 288-300 Regent Street W1 Great Portland Estates Q1 2014 54,000 54,000 23 106 Brompton Road SW1 Cheval Group Q1 2014 10,000 10,000 24 33 Davies Street W1 Grosvenor Estate / Stow Q1 2014 29,000 29,000 25 1-2 Stephen Street (Phase 2) W1 Derwent London Q2 2014 63,000 63,000 26 Fitzroy Place, Mortimer Street W1 Exemplar / Aviva / Kaupthing Bank Q4 2014 310,000 310,000 27 Zig Zag Building, Victoria Street SW1 Land Securities Q2 2015 188,000 188,000 Total 2,256,000 1,824,000 West End Completed 28 14 Grosvenor Street W1 RMPI ltd Q4 2012 13,000 13,000 29 33 Margaret Street W1 Great Portland Estates Savills Q4 2012 96,000 0 30 Park House, Oxford Street W1 Qatari National Bank Q4 2012 163,000 163,000 31 Trafalgar House, 11 Waterloo Place SW1 Crown Estate Q1 2013 16,000 16,000 32 5 Welbeck Street W1 Standard Life Q1 2013 27,000 27,000 33 One Wimpole Street W1 Royal London Asset Management Coca Cola Q1 2013 61,000 0 Total 376,000 219,000 Midtown Under Construction 34 Lever Building, 85 Clerkenwell Road EC1 GE Capital Real Estate Q2 2013 30,000 30,000 35 One Southampton Street WC2 Aviva Investors Q2 2013 27,000 27,000 36 10 Bedford Street WC2 LaSalle Investment Q2 2013 32,000 32,000 37 Africa House, 64-78 Kingsway WC2 Freshwater Q3 2013 110,000 110,000 38 New Fetter Place East & West EC4 Kirkbi AS Real Estate Q3 2013 93,000 93,000 39 101 Euston Road NW1 Romulus Q1 2014 18,000 18,000 40 10 Bloomsbury Way WC1 London & Regional Properties Q2 2014 156,000 156,000 41 Turnmill, 63 Clerkenwell Road EC1 Derwent London Q3 2014 70,000 70,000 42 One Mabledon Place WC1 Stanhope Q3 2014 86,000 86,000 43 40 Chancery Lane WC2 Derwent London Q4 2014 100,000 100,000 Total 722,000 722,000 Midtown Completed 44 280 High Holborn WC1 Hines Edison Investment Research Q4 2012 65,000 48,000 / Hage Aaronson 45 24-28 Bloomsbury Way WC1 WPP Group WPP Group Q4 2012 45,000 0 46 55 Strand WC2 Aviva Investors Q4 2012 23,000 23,000 47 6 Agar Street WC2 Legal & General Q4 2012 58,000 58,000 Total 191,000 129,000 City Under Construction 48 36-39 Queen Street EC4 London & Oriental Q2 2013 45,000 45,000 49 5-11 Worship Street EC2 Highgate Properties Q2 2013 15,000 15,000 50 77 Queen Victoria Street EC4 Beltane Asset Management Q2 2013 30,000 30,000 51 One St Paul's, 1-3 Creed Lane EC4 AXA REIM Genesis Oil & Gas Q2 2013 56,000 0 Consultants 52 Finsbury Circus House, 10 South Place EC2 Union Investment Real Estate / CORE Q2 2013 145,000 145,000 53 18-30 Leonard Street EC1 London Square Developments Q3 2013 20,000 20,000

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No. Scheme Postcode Developer Tenant Completion Total space Space available date sq ft sq ft 54 Sixty London, Holborn Viaduct EC1 AXA REIM / Favermead Q3 2013 210,000 210,000 55 City Tower, 40 Basinghall Street EC2 Great Portland Estates / Starwood Q3 2013 84,000 84,000 Capital 56 Monument Place, 24 Monument Street EC3 Rockspring Property / Alchemy Q3 2013 75,000 75,000 57 6 Bevis Marks EC3 AXA REIM / MGPA / CORE Q4 2013 158,000 158,000 58 10 Finsbury Square EC2 Pembroke Real Estate Q4 2013 152,000 152,000 59 One Commercial Street E1 Redrow Q4 2013 73,000 73,000 60 Lombard London, (67 Lombard Street) EC3 Viridis Real Estate Q4 2013 87,000 87,000 61 Moorgate Exchange, 72 Fore Street EC2 MGPA / CarVal / Quadrant Q1 2014 218,000 218,000 62 71 Queen Victoria Street EC4 QV Unit Trust Q1 2014 187,000 187,000 63 7 Bishopsgate EC2 Henderson Global Investors Q1 2014 56,000 56,000 64 8-10 Moorgate EC2 Moorgate Property Unit Trust Q2 2014 138,000 138,000 65 20 Fenchurch Street EC3 Land Securities / Canary Wharf Group Markel International / RJ Q2 2014 670,000 317,000 Kiln / Royal Sun Alliance / Liberty Mutual Insurance / Liberty Syndicates Insurance / Ascot Underwriting 66 Leadenhall Building, 122 Leadenhall Street EC3 British Land / Oxford Properties Aon Q3 2014 574,000 383,000 67 100 Cheapside EC2 Quadrant Estates / Orion Capital Q3 2014 87,000 87,000 Managers / City Corporation / CarVal Investors 68 5 Broadgate EC2 British Land / Blackstone UBS Q4 2014 700,000 0 69 Bloomberg Place EC4 Bloomberg / Stanhope Q1 2016 663,000 0 Total 4,443,000 2,480,000 City Completed 70 26 Finsbury Square EC2 Metropolitan Properties subsidiary of Q4 2012 80,000 80,000 Freshwater 71 103 Cannon Street EC4 Walbrook Land Q1 2013 12,000 12,000 72 8 Fenchurch Place EC3 AREA Property Partners / PMB Q1 2013 95,000 95,000 Holdings 73 30-40 Eastcheap EC3 Aviva Investors Q1 2013 20,000 20,000 74 63 St Mary Axe EC3 Rockspring Property / National Q1 2013 80,000 80,000 Pension Scheme of Korea 75 Buckley Building, 49 Clerkenwell Green EC1 Derwent London Unilever Q1 2013 85,000 64,000 76 Scotia House, 33-37 Finsbury Square EC1 Meritcape / Bank of Nova Scotia Q1 2013 47,000 47,000 77 61-75 Alie Street E1 Barratt East London Q1 2013 12,000 12,000 Total 431,000 410,000 Southbank Under Construction 78 The Place, London Bridge SE1 Sellar Property Group / Qatar Q2 2013 420,000 420,000 National Bank 79 The Crane Building, 22 Lavington Street SE1 Dorrington Plc Q2 2013 48,000 48,000 80 240 Blackfriars Road SE1 Great Portland Estates / Ropemaker United Business Media Q1 2014 224,000 118,000 Properties 81 Sea Containers, Upper Ground SE1 Archlane Ltd Q1 2014 290,000 290,000 Total 982,000 876,000 Southbank Completed Total 0 0 King’s Cross Under Construction 82 The Stables, Regent Quarter N1 P&O Estates (IPOE) / Henderson Macmillan Publishing Group Q2 2013 10,000 0 Global Investors 83 Printworks, Regent Quarter N1 P&O Estates (IPOE) / Henderson Macmillan Publishing Group Q2 2013 38,000 0 Global Investors 84 Dance Studio. Regent Quarter N1 P&O Estates (IPOE) / Henderson Macmillan Publishing Group Q3 2013 37,000 0 Global Investors 85 One Pancras Square N1 Argent Group Q1 2014 55,000 55,000 86 Five Pancras Square N1 Argent Group Camden Council Q2 2014 150,000 0 87 Two Pancras Square N1 Argent Group Q2 2014 130,000 130,000 88 Regeneration House M1 Argent Group The Art Fund Q4 2013 10,000 0 89 Seven Pancras Square N1 Argent Group The Office Group Q3 2014 30,000 0 90 Six Pancras Square N1 AXA REIM / BNPPRE BNP Paribas Q4 2014 340,000 160,000 Total 800,000 345,000 King’s Cross Completed 91 Western Transit Shed N1 Argent Group Hoare Lea/Argent Group Q4 2012 55,000 17,000 Total 55,000 17,000 Docklands Under Construction 92 25 Churchill Place E14 Canary Wharf Group European Medicines Q1 2014 540,000 290,000 Evaluation Agency Total 540,000 290,000 Docklands Completed Total 0 0

Red text indicates new starts this survey.

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Under construction Complete

18 Other (please specify) 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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B T EM S R S R D S

A40 BROOK STREET 73 T O O O N O 56 EET 24 W I STR Time period: Q4 2012 – Q1 2013

P N A A ES U 47 U D A HAY A R A M LD

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L 3 R A E IL O U E R E Y B D A E R D X S A S R H L K E G T A K O O A T N R R U L R A L I E B L A D K L E E 2 Download the new London app E B N P K D A T R A 115 EN T ID N L N 5 T R A I G INGTO R E O P E ENN O O S 2 K T A D R 3 O 1 G 4 D C 2 2

M H 3 21 With the future of London literally at your fingertips, the New LondonApp is a must 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 have for investors, property owners, developers or occupiers, within the UK and R NT SVENO 3 R K Y

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R M T

O K E A B A H

O N H B R F R N F

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G E S R BURGESS PARK E G O S A A internationally. There is simply no other tool in the market with the capability to

N N LM 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

L showcase London’s offer in this way and it is set to revolutionise how the industry

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

A I M H O H E D R D F V S R E B D O R N E O T G K K T R E I R PARK goes to market. London Offices Crane Survey data now added. T 7 L R R M W A W N 1 A E A M A H 2 W E A O N E S 3 A L D U 3 E E P R L G A N A O D H 2 R Y T A A N E 2 E D D P E 0 O H BATTERSEA PARK E N W C S A V ER A L RO E T C A T W D BA www.deloitterealestate.co.uk/newlondonapp

Under construction Complete

Crane Survey London Office Summer 2013 19 Matthew Elliott Jon Milward City Agency Development 020 7303 3592 020 7303 3843 [email protected] [email protected]

James Gann Stephen Peers City Investment West End Agency 020 7007 4448 020 7303 3260 [email protected] [email protected]

Anthony Duggan Ann Ibrahim Head of Research Research 020 7303 3134 020 7303 3200 [email protected] [email protected]

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