Leasing activity in London office market heats up to 17-year high

Kasmira Jefford
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LEASING activity in the London office market hit 6.3m square feet in the first half of 2015 – the highest level in 17 years – fuelled by pent up demand on the back of the General Election and firms moving east.

Property advisory firm Cushman & Wakefield said lettings in the second quarter reached 3.3m sq ft, led by east London where take-up, at 1.2m sq ft, was at its highest level since the fourth quarter of 2010.

These figures were supported by research from rival property firm Colliers International, which showed take-up of office space in central London has jumped by 25 per cent since the General Election.

The company said it received over 120 enquiries on the day following the vote alone, as businesses awaited the outcome of the polls.

Financial services firms including HSBC, the Commonwealth Bank of Australia and PJT Partners have all taken space in the period as well as Deutsche Bank, which reportedly let space at 10 Upper Bank Street.