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London Office Take-Up Surges

LONDON-Office Take-up Improved Dramatically in September after a quiet summer, bolstering confidence in the London office market. Three big corporate deals helped boost the absorption figures.

By Graham Parker | Updated on October 07, 2001

LONDON-Office take-up in central London increased rapidly in September after a quiet July and August, according to DTZ Research. Over 2.7 million sf was let or placed under offer in September, compared with 2.3 million sf for the previous two months combined. The increase means that 14.1 million sf has now been taken up in the first three quarters of 2001.

Three big corporate pre-lettings accounted for the strong performance over the quarter, with Barclays Bank 650,000 sf at Canary Wharf; Standard Chartered Bank taking 250,000 sf at Standard Life’s 10 Gresham Street, EC2 and Accenture taking 350,000 sf in Plantation Place, EC3. DTZ calculated that seven major pre-lettings totalling 1.4 million sf went under offer during September alone.

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