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City Office

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City Office

Take-up reached 2.8 million sq ft by the mid-year point. This is 27% up on the ten year average, and 28% up on the same period last year. 644,000 sq ft of transactions completed in June alone, with almost half of this owing to four deals over 50,000 sq ft.

These large transactions included two pre-lettings to agencies within the Publicis Groupe, they will occupy 97,000 sq ft at 40 Chancery Lane where they will pay £58.50 per sq ft, and 58,000 sq ft at the Turnmill, where they will pay £53.00 per sq ft.

The movement of West End occupiers like Publicis to the City fringe shows an increasingly flexible attitude towards finding good quality space, particularly if that space is in nontraditional locations.

Traditional City occupiers also remain important. The Insurance and Financial Services sector, for instance, will occupy a quarter of space leased during the first half of 2013, with firms including Amlin, Liberty Syndicates, Liberty Mutual and Partnership Assurance to occupy brand new towers in the City's Core.

Source : Savills

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