Central London Offices Q4 2008

Published: January 2009
Source/Company: Colliers CRE

Abstract:
Quarter on quarter take-up in Central London rose by 38%, thanks to the 1.9 million
sq ft pre-let deal to JP Morgan at Riverside South, E14. Total take-up for Q4 2008 was
3.6 million sq ft bringing the annual total for 2008 to 11.5 million sq ft.
• The rise in availability continued, up 7% on Q3 2008, and now stands at 15.2 million
sq ft. There is now 4.4 million sq ft more space available than at the end of 2007, but
availability remains just below the long term average.
• Prime rents fell across the board, with the City Core prime now at £52.50 psf and
£85.00 psf in the West End, though likely to fall significantly in the first half of 2009.
• Total amount of space under construction also fell, with no new developments starting
this quarter. There is now 11 million sq ft under construction in Central London, 73%
of which is speculative.
• A further 1 million sq ft of new space completed in Q4 2008, bringing total completions
in Central London in 2008 to 5.7 million sq ft.

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