Canary Wharf tops London offices

Canary Wharf has recorded rental growth of 26.7% over the past 12 months, the highest of any London office submarket.

According to research by Cluttons, the area’s relative affordability has helped it attract significant deals in recent months, with occupiers also tempted by high quality purpose built space.

Rents in the area averaged £37.50 during Q1 2015 and have now risen to £47.50. Vacancy stands at 5.1%.  

The largest deal of the quarter was Thomson Reuters taking of 300,000sq ft in St Martin’s 5 Canada Square. “In recent months, the central London market has experienced Brexit nervousness and general settling of the market, but Canary Wharf has bucked this trend,” said Cluttons head of reasearch Said Faisal Durrani.

“The prospect of a Brexit and a sense that the market may be peaking have together slowed the rate of rental growth across the wider central London markedly. “This, combined with an imminent and seasonal summer slowdown suggests that we are in for a few more months of minimal rental growth. Once the Brexit storm has passed, there is the potential for activity levels to normalise, assuming the status quo prevails on 23 June.”

If you are looking for office space in Canary Wharf please call Gryphon Property Partners on 0203 440 9800 or click on the following link - Office space