City boosts office take up in London

BOOSTEDby a surge in City office deals, central London office take-up in the third quarter rose to 2.6m sq ft, up from a low of 1.1m sq ft in the first quarter, according to new research from property firm CB Richard Ellis. <br /><br />In addition, the amount of space under offer lifted to 2.4m sq ft from 1.6m sq ft in the previous quarter. <br /><br />In the City, take-up of office space in third quarter of the year was 1.5m sq ft, more than double the previous quarter&rsquo;s total and well above the long-term average of 1.2 m sq ft. This was the strongest quarter the industry has shown since 2007. <br /><br />Kevin McCauley, head of central London research, at CB Richard Ellis, said: &ldquo;The last three months has seen a marked improvement in both leasing activity and sentiment in the central London office market, particularly in the City.&rdquo; <br /><br />The improvement in central London leasing was buoyed by&nbsp; Nomura&rsquo;s acquisition of 491,000 sq ft at Watermark Place and News International&rsquo;s tenancy of 186,000 sq ft at 3 Thomas More Square.