London office take-up rises by 72% in August: CBRE

Central London office leasing activity bounced back sharply in August with nearly 1 million sq ft (92,000 m2) of take-up across all markets, according to research released by CB Richard Ellis (CBRE) on Wednesday.

Ten deals over 20,000 sq ft and a significant pre-let in Canary Wharf - European Medicines Agency's 250,300 sq ft lease at the proposed 25 Churchill Place - meant transactions in Central London were 72% higher than in the same period last year.

'August was a busy month for leasing deals and under-offers continue to remain healthy at 2.9 million sq ft,' said Digby Flower, head of Central London Agency at CBRE.

While take-up in the City remained broadly flat at 313,000 sq ft, in the West End it rose 22% to 278,100 sq ft. Key leasing transactions in August include law firm Trowers & Hamlin occupying 95,500 sq ft at 3 Bunhill Row, EC1 as well as Detica taking 40,000 sq ft at 110 Southwark Street, SE1.

Another increase in new space under construction meant that overall supply in Central London rose a further 2% last month, now sitting at 14.1 million sq ft. As a result, the overall availability rate rose to 6.4% from 6.3% the previous month. Supply rose in all but one of the five main Central London markets - City, West End, Southbank and Docklands with only Midtown showing a fall.