Office take up in central London jumps

Fresh evidence that the London office space market is thriving has been brought to light, with new figures showing that office take up in capital’s centre has jumped in the fourth quarter.

Dispelling pessimism about the future of London post-Brexit, the latest research by real estate services firm CBRE shows that take up increased four per cent to 3.6m sq ft in the three months to the end of December, above the 10-year quarterly average of 3.3m sq ft.

Businesses in the banking and finance sector accounted for 23 per cent of central London office take up, and creative industries, including technology, media and telecommunication firms, made up 21 per cent of the total.

CBRE UK research director Simon Brown said: “The diverse nature of Central London office occupancy provides an exceptional degree of resilience and this supported healthy levels of take-up, both for the final quarter of 2019 and across the year as a whole.

“Looking ahead, we expect the occupier markets to remain strong in 2020, with under offers above trend and a high level of demand.

“Against a backdrop of low and tightening supply, we expect further rental growth.”

At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.

We also offer specialist services to identify business opportunities for overseas investors looking to enter the UK property and business market – and we provide a comprehensive range of professional services to help you make the most of your investment in the UK.

For further information contact Steve Govey or your usual Beavis Morgan Partner.