Take-up of central London office space thrives as under offer levels hit 18-year high

Central London office space under offer has soared to an 18-year high, according to the latest figures. Roughly 4.3m square feet (sq ft) of offices in the centre of the capital was under offer in the second quarter of this year, rising 39 per cent over the three months to levels not seen since the millennium. Take-up of office space also rebounded strongly from a poor first quarter of 2018, increasing 21 per cent as landmark deals such as the Chinese embassy move to the Royal Mint Court on the edge of the City drove the growth. Growing demand for flexible office space has also driven the bounce back from a poor start to the year, with take-up of 698,000 sq ft across 21 deals, the largest deal to a flexible office provider in the second quarter of 2018 being the 131,500 sq ft letting to WeWork at Aviation House, Kingsway.

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