Like The Suez Canal Ship, London’s Office Leasing Market Is Starting To Move Again
It is not quite back to normal yet, but very slowly, like the giant ship Ever Given that blocked the Suez Canal, London’s office occupational market is starting to float again.
Two of the largest leasing deals since the start of the pandemic have been completed or agreed in recent days as occupiers start to commit to long-term space needs in spite of the uncertainty about future working patterns.
U.S. investment firm T. Rowe Price has agreed to take 130K SF at Warwick Court in Paternoster Square in the City of London, CoStar reported. The company will relocate from nearby Queen Victoria Street in 2023, when a refurbishment of the building is completed.
The 180K SF building is owned by Mitsubishi Estate, which has drafted in Stanhope as development manager to oversee the $50M refurbishment project.
One Broadgate was previously the HQ of inter-broker dealer Icap. That building has been knocked down and replaced with a 490K SF office building also including restaurants and retail.
Central London office leasing was down about 56% last year, according to data from CBRE.