Flexible office operators accounted for a record proportion of Central London office leasing deals in 2017 — and the pace hasn’t slowed in 2018.
Flexible office firms took up 19% of all the space leased in London in the 12 months up to the end of October, according to CBRE. That compares to 21% in 2017 as a whole. The largest flex acquisition in October saw Landmark Spaces acquire 38K SF at Portman House in the West End, and it took 122K SF in October as a whole.
CBRE said 2.9M SF is under offer in London, 20% above the 10-year average. Overall 11.1M SF have been leased in London to the end of October. That puts London on track to beat the 13.2M SF leased in 2017.
At the end of October, the largest chunk of space under offer was at 5 Merchant Square, W2, totalling 159K SF. WeWork was reported to be subleasing that space from retailer M&S last year. There were 12 buildings in total with more than 50K SF under offer, three which were 100K SF or larger.
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