London's July take-up hits 1.8m sq ft

By James Buckley - Thursday, August 10, 2017 14:59

Central London take up in July reached c1.8m sq ft, according to BNP Paribas Real Estate’s Central London Office Market Report.

With several major office instructions launched, this suggests central London offices will see buoyant levels of activity in Q3.

Political uncertainty did not halt occupier activity in Central London in the first half of the year, with take-up reaching 2.9m sq ft in Q2, up 17% on Q1. This brings H1 take-up to 5.4m sq ft, 5% up on H1 2016.

WeWork took expanded its London footprint to 1.3m sq ft, making it one of the five largest occupiers in the capital.

The vacancy rate saw a very marginal increase of 5bps to 6.4%, below the long term average of 7%.

H1 Central London office investment volumes reached £8.4bn, 20% ahead of the same period last year, driven by the sale of trophy assets.

jbuckley@costar.co.uk

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