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The Central London office leasing market is a phenomenon. Last year might have been terrible for investment, but London office leasing continued to defy any potential Brexit malaise: 12.5M SF was taken by London occupiers, which is 14% down on 2018, but above the 10-year average of 11.8M SF, according to Deloitte Real Estate.
Demand has remained robust, and even as the London market recovered after the financial crisis in the years up to 2016, very few developers built new schemes, meaning supply is low. For those schemes completing now, the market is fertile.
Below are the 10 largest offices completing in London in 2020, according to Deloitte. They include one of the biggest and most daring new offices built in London in a decade, as well as three schemes that highlight how London is no longer a binary market split between the City and West End. More than 40% of the space at these schemes was pre-let as of the end of Q3, meaning some are already let, while some developers still have work to do.
22 Bishopsgate — First Quarter
AXA Investment Managers - Real Assets took the decision to speculatively develop the 1.3M SF 22 Bishopsgate scheme just weeks after the Brexit vote, when there was zero clarity on how London would fare as the UK left the EU. That decision looks savvy…
Read the full story here.
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