Central London Office Briefing, Q1 2013

West End occupier market
• During Q1 2013, 1.5 million sq ft was let, the highest quarterly take up since Q1 2000, and 83% up on Q4 2012 and 109% up on the five-year quarterly average. However, 57% of this activity is accounted for by one deal with Google taking 860,000 sq ft at King’s Cross (NW1). Excluding the Google deal, West End take up was 10% down on the five-year quarterly average.

City occupier market
• Take up for Q1 2013 was the lowest since the first quarter of 2012 with 906,152 sq ft transacted, down 39% on the final quarter of 2012, and 20% down on the five-year quarterly average. However, during the quarter several occupiers went under offer on deals over 100,000 sq ft, which should result in a large increase in take up during Q2.

Docklands occupier market
• Take up for the first quarter of the year totalled only 41,644 sq ft, 44.5% down on the previous quarter and 85.7% down on the five-year quarterly average. Quarterly take up was the lowest total measured since Q2 2011. Whilst Docklands take up has been muted recently, the market is currently experiencing a significant increase in demand which should bode well for the rest of 2013.

Central London investment market
• Investment transactions in central London for Q1 2013 totalled £2.8 billion, 11% down on the £3.1 billion measured in Q4 2012, but still 30% up on the five-year quarterly average of £2.2 billion.