London Still The Place To Be For Banking And Media Tech
London office space take-up for Q3 2016 reached 2.8M SF, with banking and media tech companies gobbling up the lion’s share of space, according to the latest research from BNP Paribas Real Estate. Apple’s 500k SF bite of Battersea Power Station was the largest deal of the month, with Amazon’s 87k SF space at Principal Place EC2 and Exterion Media’s 22k SF at Lacon London WC1 rounding out the top three.
Leasing activity was busiest in The City submarket with Q3 take-up reaching 1.17M SF, an increase of 31% over the previous quarter. Twelve pre-let deals accounted for 500k SF of total space, representing the highest number of pre-lets recorded in a single quarter. The most significant City deal was the 227k SF taken by Wells Fargo as owner-occupier following its £275M acquisition of 33 King William St, EC4.
Across Central London, vacancy fell to 11.59M SF, representing 5.38% of total office stock.
Q4 is expected to see a number of key sales complete in the City, including Cannon Place, EC4 and 30 Crown Place, EC2.