Against a backdrop of increased political and economic uncertainty, the first quarter of 2016 has performed encouragingly well.
Leasing activity across Central London reached 3.06m sq ft, ahead of the same period last year. Take-up was buoyed by Thompson Reuters sublease of 350,000 sq ft from Credit Suisse at 5 Canada Square.
Credit Suisse’s option to sublease space and HSBC moving some of its functions out of the capital suggest some banks are re-evaluating their London footprint. However, evidence over the past 12 months suggests the banking sector is still commiting to large amounts of space inthe capital, with Deutsche’s acquisitons in Victoria and Canary Wharf, RBC and Jefferies at 100 Bishopsgate and Investec taking 150,000 sq ft at 30 Gresham Street.
Source : BNP Paribas Real Estate