Office take up in central London reaches highest level since 2014

Office take up in central London reaches highest level since 2014

Central London office take-up for the whole of 2018 reached 14.61 million square feet, some 14% higher than the long term average and the highest level since 2014, new research shows.

Overall Central London office take-up in 2018 was more than 5% higher than the previous year which stood at 13.84 million square feet, according to the latest report.

It also shows that whilst take-up for the fourth quarter of 2018 totalled 3.82 million square feet, slightly surpassing the previous quarter of 3.74 million square feet.

The increase in total take-up comes as 2018 saw more deals over 50,000 square feet at 48 than in the previous 12 months with the fourth quarter seeing 15 deals.

Technology, Media and Telecommunications (TMT) was the most dominant sector taking space during 2018, accounting for 27% of all take-up, followed by finance with 19%.

This means that it is business as usual in the Central London office market, despite the fears that companies would put decision making on hold until after the conclusion surrounding Brexit.

[Source: Propertywire]