2023-10-09-莱坊-London_Offices_Spotlight_2023_Q3_7页_2mb

报告摘要

London Offices Spotlight - Q3 2023 Summary

Core Content Overview

This report provides a detailed analysis of the London office market in Q3 2023, focusing on leasing and investment trends across key submarkets. It includes data on take-up, availability, vacancy rates, yields, and active requirements, alongside notable leasing and investment deals.

Main Market Trends

Take-up and Availability

Take-up rises for two consecutive quarters, indicating a growing demand for office space.
Near-term requirements are over 20% above trend, at 10.6 million square feet.
Vacancy rates vary across submarkets, with some showing stabilization and others remaining high.
Availability is fluctuating, with certain areas experiencing a decline in available space.

Yields

Yields in key markets are stabilizing, suggesting a balance between supply and demand.

Key Submarket Data

Submarket	Vacancy Rate	Prime Rent (GBP)	Quarterly % Change	Rent Free Periods (months)
Aldgate/Whitechapel	15.9%	£57.50	▼	27
City Core	10.5%	£77.50	▲	24-27
Clerkenwell/Farringdon	14.1%	£85.00	♣	24
Midtown	9.1%	£70.00	♣	27
Southbank Core	6.8%	£77.50	♣	24-27
Vauxhall/Battersea	18.0%	£60.00	♣	24-27
Canary Wharf	16.6%	£55.00	♣	27-30
Rest of Docklands	9.4%	£32.50	♣	30
Stratford	18.6%	£48.50	♣	27
Bloomsbury	4.8%	£77.50	♣	24-27
Fitzrovia	9.3%	£92.50	♣	24
King's Cross/Euston	5.6%	£82.50	♣	24-27
Knightsbridge/Chelsea	10.0%	£95.00	♣	24-27
Marylebone	3.0%	£100.00	▲	24
Paddington	5.8%	£80.00	♣	24-27
Soho	9.1%	£95.00	♣	24
Strand/Covent Garden	10.5%	£80.00	♣	24-27
Victoria	5.9%	£82.50	♣	24-27
West End Core	5.3%	£140.00	▲	21
White City	19.9%	£57.50	♣	24-27

Pre-let Space Under Construction

City & Southbank: 24.7% of total space
Docklands & Stratford: 0.0% of total space
West End: 24.4% of total space

Development Pipeline

London Development Pipeline indicates the scale and progress of upcoming office developments.
The report highlights the msqft (million square feet) of developments across different areas, showing the market's future capacity.

City & Southbank Overview

Leasing Market

Take-up increased to 1.68 million square feet, with a 3M change of 31.0% and a 12M change of 42.6%.
Availability decreased slightly to 14.75 million square feet, with a 3M change of -2.4% and a 12M change of 18.2%.
Vacancy Rate improved to 10.8%, with a 3M change of -0.3% and a 12M change of 1.4%.
Active Requirements rose to 4.65 million square feet, with a 3M change of 4.4% and a 12M change of -7.7%.

Key Leasing Deals

40 Leadenhall Street: 173,597 sq ft, Kirkland & Ellis (Confidential)
Sancroft, Paternoster Square: 127,459 sq ft, Institution of Civil Engineers (£76.00)
The Alpheus Building: 74,525 sq ft, Arbuthnot Latham & Co (£66.89)
8 Bishopsgate: 57,913 sq ft, Proskauer Rose (£88.50)
40 Leadenhall Street: 49,447 sq ft, Acrisure LLC (Confidential)

Docklands & Stratford Overview

Leasing Market

Take-up remained low at 0.16 million square feet, with a 3M change of 119.5% and a 12M change of -48.2%.
Availability increased to 3.91 million square feet, with a 3M change of -4.9% and a 12M change of 7.7%.
Vacancy Rate decreased to 15.6%, with a 3M change of -0.9% and a 12M change of 0.4%.
Active Requirements increased to 0.23 million square feet, with a 3M change of 3.9% and a 12M change of 104.5%.

Key Leasing Deals

Here East: 52,300 sq ft, Liverpool Media Academy (Confidential)
40 Bank Street: 39,049 sq ft, hVIVO plc (£57.50)
20 Churchill Place: 22,573 sq ft, McLaren Group (£28.00)
Cargo, E14: 11,654 sq ft, Euronext London (£57.50)
20 Churchill Place: 11,104 sq ft, BLME (£28.00)

West End Overview

Leasing Market

Take-up decreased to 0.87 million square feet, with a 3M change of 15.4% and a 12M change of -25.5%.
Availability increased to 6.70 million square feet, with a 3M change of 2.3% and a 12M change of 28.7%.
Vacancy Rate decreased to 7.1%, with a 3M change of 0.1% and a 12M change of 1.4%.
Active Requirements rose to 2.66 million square feet, with a 3M change of 34.0% and a 12M change of 90.8%.

Key Leasing Deals

1 Drummond Gate: 108,527 sq ft, John Lewis PLC (£35.00)
25 Baker Street: 49,175 sq ft, Moelis & Company (£100.00)
24-28 Bloomsbury Way: 44,392 sq ft, Runway East (Confidential)
31 St James's Square: 34,558 sq ft, Symmetry Investments UK LLP (Confidential)
Lucent: 25,064 sq ft, Myo: flexible offices (Confidential)

Investment Market

Key Investment Deals

The Printworks & Glasshouse: £90 m, Landsec (5.36%)
The Soho Square Estate: £70 m, GPE (N/A)
Ebury Bridge House: £55 m, La Française (6.25%)
1-11 Hawley Crescent: £17 m, Private Investor (Irish) (6.20%)
The Nest, 65-71 Beak Street: £14 m, Global Holdings Management Group (5.22%)

Contact Information

Head of London Offices

Philip Hobley
- Email: philip.hobley@knightfrank.com
- Phone: +44 20 7861 1192

Chairman of London Offices

Angus Goswell
- Email: angus.goswell@knightfrank.com
- Phone: +442078615150

London Leasing

Dan Gaunt
- Email: dan.gaunt@knightfrank.com
- Phone: +44 20 7861 1314
Ian McCarter
- Email: ian.mccarter@knightfrank.com
- Phone: +44 20 7861 1506
Abby Brown
- Email: abby.brown@knightfrank.com
- Phone: +44 20 7861 1306

London Lease Advisory

Simon Austen
- Email: simon.austen@knightfrank.com
- Phone: +44 20 7861 1341

London Development

Andrew Tyler
- Email: andrew.tyler@knightfrank.com
- Phone: +44 20 7861 1319

London Capital Markets

Jamie Pope
- Email: jamie.pope@knightfrank.com
- Phone: +44 20 3909 6814
Nick Braybrook
- Email: nick.braybrook@knightfrank.com
- Phone: +44 20 7861 1309
Anthony Barnard
- Email: Anthony.barnard@knightfrank.com
- Phone: +44 20 7861 1216
Edward Fairweather
- Email: edward.fairweather@knightfrank.com
- Phone: +44 20 7861 1323
Oliver Sprackling
- Email: oliver.sprackling@knightfrank.com
- Phone: +44 20 3830 8638

London Tenant Representation

Richard Proctor
- Email: richard.proctor@knightfrank.com
- Phone: +442078615159

Flexible Office Solutions

Amanda Lim
- Email: amanda.lim@knightfrank.com
- Phone: +44 20 3826 0661

Valuation & Advisory

Simon Gillespie
- Email: simon.gillespie@knightfrank.com
- Phone: +44 20 7861 1292

London Research

Shabab Qadar
- Email: shabab.qadar@knightfrank.com
- Phone: +44 20 7861 1234

London Data

Jessica Tsang
- Email: jessica.tsang@knightfrank.com
- Phone: +442076298171

Technical Notes

Floorspace figures refer to net square feet.
Take-up includes let, pre-let, and acquired space.
Availability includes space available for immediate occupation and under construction.
Demand figures refer to requirements over 10,000 sq ft.
Under construction figures refer to developments over 20,000 sq ft.
Investment figures include transactions of £1 m and above.
The report is produced to standard quarters (Q1: Jan 1 - Mar 31, Q2: Apr 1 - Jun 30, Q3: Jul 1 - Sep 30, Q4: Oct 1 - Dec 31).