City springs to life as demand for offices at highest since 2010

Kasmira Jefford
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COMPANIES are taking up more office space in the City than any time in almost three years, boosted by major deals such as Amazon confirming its move to Axa’s Sixty London scheme.

Property consultancy CBRE said take-up in the City during the second quarter reached 1.6m square feet, above the 10-year average of 1.2m sq ft, driven by technology, media and telecoms firms looking for space, as well as insurers.

This was the highest level since the final quarter of 2010, when take-up reached 1.87m sq ft, BNP Paribas Real Estate said in a similar report.

There were three deals over 100,000 square feet including insurer Amlin signing up to the Leadenhall Building.

There were also eight deals over 50,000 sq ft, the highest number since the fourth quarter of 2010.

Total take-up in central London reached 3.4m sq ft – up 32 per cent on the previous quarter, according to CBRE.

City agency director Chris Vydra said “it remains to be seen” if this is a turning point in the market but it showed “steady improvement”.