London Offices Snapshot Q3 2019

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London offices Q3 2019
Key highlights include:
  • The London office market continues to resist any negative sentiment deriving from ongoing ‘Brexit’ negotiations. The City market has seen demand surge for off-plan space, which has elevated quarterly take-up to a five-year high.
  • London-wide vacancy edged below 5% for the first time since early 2017, with availability of new/refurbished space close to an all-time record low for London. Occupiers are looking at alternative options which has driven down second-hand vacancy.
  • Pipeline supply is being constrained further in the face of exceptional pre-letting activity. Of the 12 million sq ft now under construction across London, 7.5 million sq ft is either pre-let or under offer. 65% of space now confirmed for 2020 has already secured tenants.
  • Demand is set to be bolstered further by a host of 100,000 sq ft requirements active across the entire London market.
  • City headline rents rose for the first time in two years and we would expect headline rents across the entire London market to see upward pressure over the next 6 months, in the face of acute supply shortages for prime product.

London Offices Snapshot Q3 2019

London Offices Snapshot Q3 2019

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Related Experts

Paul Smith

Director & Co-Head

London - West End

I have over 37 years' experience in the real estate industry, focused on central London; 24 of those years being as a co-principal in my own practices of Hodnett Martin Smith and H2SO.

Based in Colliers' London office, I offer a wealth of experience to landlords, developers and occupiers with regard to the development, letting and acquisition of central London offices. I deal with all aspects of office agency, primarily in the West End, Midtown, Northern Fringes and Southbank where I have dealt with over 10m sq ft of office space over my career. My role also includes design development consultancy, specifically to advise developers on tenants' requirements in terms of specification, layout, finishes etc.

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Rob Hayes

Director & Co-Head

London - West End

I was a founding partner of H2SO before it was acquired by Colliers International in 2014 and have been a specialist in the Central London property market for more than 20 years.

I moved from Morgan Grenfell Laurie to Richard Ellis in 1991. Having worked in office agency until 1999, I then moved into investment and subsequently ran the market-leading west end investment team at CBRE as an Executive Director. From 2008, I took responsibility for the entire West End Business Team as well as becoming a member of the Central London Board.

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Stuart Melrose

Director & Head of Occupier Advisory

London - West End

With more than 15 years’ experience in the commercial real estate industry, I have worked in both the U.S. and U.K. markets. By providing my clients with quantitative and qualitative information, I ensure that they are well informed to make strategic real estate decisions that are aligned with their short- and- long term corporate objectives.

 

Based in Colliers’s London office, I provide valued real estate advice that achieves measurable results to clients, representing a variety of local, national, and international organisations.

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James Walker

Director & Head

London - City

James is Director & Head of City Agency and Occupier Advisory at Colliers International and was previously a Senior Director at CBRE in the City Leasing team.  James has 20 years’ experience providing Development and Leasing advice to Landlords and Developers, as well as advising some high profile office Occupiers on their real estate strategy  in the City, Midtown, Canary Wharf and Southbank markets.

 

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Dominic Amey

Head of City Investment

London - City

I am Director and Head of London City Capital Markets at Colliers International, specialising in the sale and acquisition of commercial property as well as providing development consultancy.

I joined Colliers International in 2003 as a member of the London Investment Department, specialising in London commercial property Investment, after leaving Cushman & Wakefield. With over 20 years experience of the Central London commercial property market, I have acted for numerous institutional investors including Aviva,  Aberdeen Asset Management, Legal & General and the Church Pension Fund, as well as overseas Soverign Wealth Funds, banks and property companies. I also have a wealth of experience acting on behalf of private investors from around the world.

 

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