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The pace of office space leasing activity in central London picked up sharply during August, according to the latest data from CB Richard Ellis (CBRE).
Figures from the commercial property consulting giant showed that close to 1m sqft of offices were newly leased or pre-let during the month in the various markets across the capital.
“August was a busy month for leasing deals and under-offers continue to remain healthy at 2.9m sqft,” said CBRE’s agency head for Central LondonDigby Flowers.
The number of office space buildings being developed in the major London markets increased in August as well, while overall supply grew by roughly 2 percent.
There were a total of ten office leasing deals involving 20,000 sqft or more completed during the period and some stand out agreements including International law firm Towers & Hamlin, the business technology consultancy Detica and the investment Evercore Partners.
Of the five key property markets in Central London, namely the City, the West End, the Southbank, Docklands and Midtown, only the latter saw a fall in supply in August, CBRE said.
The largest single letting prospect confirmed in the month saw the European Medicines Agency commit to just over a quarter of a million square feet of offices at 25 Churchill Place in Canary Wharf,a building on which construction is yet to get underway.
The West End saw the sharpest increase in deals being done across London, with a 22 percent rise in leasing activity, while the City’s levels of new take-up were flat.
CBRE’s figures do not take account of the deal agreed in recent days between Debenhams and British Land that will see the department store group renting office space at the yet-to-be-built 10 Brock Street tower at Regent’s Place in NW1.