Central London Development Pipeline Q2 2017

Development Completions

- As at Q2 2017, there is 9.45m sq ft of available space under construction across Central London. 1.32 million sq ft of office space completed in Q2 2017, adding 710,000 sq ft of available office space to the market.

- For future 2017 development completions, 49% of the space is prelet, rising to 55% for 2018.

- 10% of space has been prelet for 2019 completions, the low figure being largely the result of the commencement of 22 Bishopsgate adding 1.275m sq ft of availability to the market.

- Total take-up by prelets in Q2 2017 equalled 520,000 sq ft, 17 % of total take-up in the quarter. The largest prelet of the quarter was to WeWork at Two Southbank Place, taking 280,000 sq ft. In the third largest letting of the quarter, NEX took 120,000 sq ft at London Fruit & Wool Exchange.

Development Pipeline - Completion Year Oversite developments 7,000,000 at Crossrail stations are 6,000,000 projected to begin 5,000,000 construction following 4,000,000 ticket office completion.

SqFt 3,000,000 The oversite 2,000,000 developments are 1,000,000 projected to complete in 0 2020. 2017 2018 2019 2020

Available Office Sq Ft (NIA) Let Office Sq Ft (NIA)

- The most active market is City Core with 7.98m sq ft of proposed office space under construction. City Fringe, Midtown and West End have 1.74m, 2.47m, & 1.70m sq ft of space under construction respectively.

- The market with the highest percentage of prelets is Southbank with only 19% of under construction space still available. This can be partly attributed to the prelet of the entirety of Two Southbank Place. The market with the largest amount of prelet space is City Core with 3.11 million sq ft.

Development Pipeline - Submarket 9,000,000 8,000,000 The most active West 7,000,000 End submarket is Paddington, with 6,000,000 404,893 sq ft of total 5,000,000 space under

Sq Ft 4,000,000 construction.

3,000,000 2,000,000 1,000,000 0 City Core City Fringe Docklands Midtown Southern Fringe West End

Available Office Sq Ft (NIA) Let Office Sq Ft (NIA)

Under Construction Pipeline (Top 10 developments by available sq ft)

Address Market Completion Completion Available Sq Ft Landlord Quarter Year (Total Sq Ft)

22 Bishopsgate City Core Q4 2019 1,275,000 Temasek/AXA/PSP (1,275,000) Invsestments/BCI M

100 Liverpool Street City Core Q4 2019 520,000 British Land/GIC (520,000)

1 Bank Street Docklands Q1 2019 420,000 Canary Wharf (420,000) Group

70 St Mary Axe City Core Q4 2018 310,000 TH Real Estate (310,000)

1 Finsbury Avenue City Core Q1 2019 280,000 British Land/GIC (280,000)

The Scalpel, 52 Lime City Core Q4 2017 260,000 WR Berkley Street (390,000)

100 Bishopsgate City Core Q4 2018 250,000 Brookfield (870,000)

Brunel Building, West End Q1 2019 240,000 Derwent London North Wharf Road (240,000)

Eighty Fenchurch City Core Q3 2019 240,000 Exemplar/Partners (240,000) Group

3 Minster Court City Core Q4 2017 220,000 Ivanhoe (220,000) Cambridge/FREO/ Greycoat

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