Thursday 20 February 2020 12:01 am

City of London office leasing hits all time high

Office space leasing in the City hit an all time high in 2019, rising to 43 per cent of all take up across London, according to the latest research. 

Leasing in the City reached 6.4m sq ft last year, a jump of three per cent on the previous year. 

Read more: Amazon ‘launches search’ for new London office space

Total office leasing in London reached 14.9m sq ft in 2019, according to research by property consultancy firm Devono Cresa. 

The number of businesses with office space in the Square Mile also increased, jumping 25 per cent compared to 2018, as a growing number of tech firms and educational institutions took up space. 

Demand for office space from the financial sector remained strong last year, with a 24 per cent share compared to an 18 per cent share in 2018.

“We believe the number of active firms is a good barometer to the health of the market, and like the new buildings in the City, this number has been rising in recent years,” the report said. 

The jump in office leasing in London “highlights a level of confidence that business continues to have by securing an office footprint in the capital”. 

Read more: Central London office take up jumps in fourth quarter

“This could suggest that businesses have set aside their uncertainties on the political and economic situation.” 

In the fourth quarter, 3.9m sq ft of office space was let across London, a slump on the previous quarter but marking the third highest quarterly total in the past five years.