Apple's move to Battersea Power Station boosted London office take-up in the third quarter
17th October 2016
Take up of London's office space has bounced back in the third quarter as the market adjusted to the new normal following the Brexit vote.
According to figures from CBRE, acquisition of office space increased 21 per cent quarter-on-quarter, having fallen by 22 per cent in the second quarter.
At 2.9 million square feet (sq ft), the uptake of office space came close to the 10 year average of 3.1 million sq ft.
The letting of 467,300 sq ft at Battersea Power Station to tech giant Apple was the biggest deal of the quarter, representing 33 per cent of the total take-up. London mayor Sadiq Khan hailed the deal, saying it showed that "London is open".
Another high-profile deal that brought the sector back to health was Wells Fargo's acquisition of 33 Central. The US bank's move to buy the 220,700 sq ft space near London Bridge was regarded as a sign of its international outlook.
Emma Crawford, head of London leasing at CBRE said: "The message to take from recent market activity at Battersea Power Station and 33 Central is that occupiers are willing to look past short-term volatility in the market.
"London remains open for business - unemployment in London is the lowest it has been for 30 years, there is a buoyant job market and it has one of the most diverse workforces in the world."
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