Central London has shown a 30% year-over-year increase in coworking space leases. Since October, office spaces have taken up 1.3 million square feet of space.
Creative firms have taken the majority of space, with 18% of all deals going to them including the largest deal which saw advertising agency McCann Erickson take 146,400 square feet.
In October, Landmark Spaces acquired 37,800 square feet at Portman House in the West End, marking the largest flex acquisition that month.
Space availability in Central London rose 7% in October, totaling to 14.7 million square feet of space.
“October saw another strong month of take-up. One notable feature of the market is the increase in pre-letting activity, reaching a five-year high with 3 million square feet of deals so far this year,” said James Nicholson, Head of City Occupier Advisory & Transaction at CBRE. “This has further depleted the development pipeline, with 52 percent of all space under construction already let or under offer.”
