Office take-up on London’s Southbank continues to grow, reaching 237,200 sq ft in Q2 - the highest total for six years, says Farebrother

Take-up in Q2 was 39% above the five-year quarterly average, despite just 35,000 sq ft of New or refurbished stock being let. Deals on Secondhand space drove take-up, increasing 34% on Q1 when it was the letting of new space in the Shard to Al Jazeera that helped drive a 77% increase in overall take-up on Q4 12.

Rupert Murdoch’s News International, part of the News Corp media group that publishes The Sun and The Times, is rumoured to be looking to lease the whole of the 430,000 sq ft The Place, adjacent to The Shard from Sellar Property Group and the Qatari Investment Authority.

Sir Martin Sorrell’s Ogilvy & Mather, part of WPP group, is close to taking 225,000 sq ft at Sea Containers, Upper Ground, from Archlane, a move that could end its 20-year presence at Canary Wharf. Puma and Boodle Hatfield LLP, both West End occupiers, are also in talks there.

Further, Yahoo has shortlisted 90,000 sq ft at 240 Blackfriars Road, which is due for completion next year, a potential second letting during construction for owners GPE. Mark Anstey, partner in Farebrother’s leasing, sales & development team added: “Completion in Q3 of over 800,000 sq ft of new and refurbished space at the Place, 1 London Bridge, Cottons Centre and The Crane Building, Lavington Street, will drive overall availability up but higher quality space of these Grades continues to offer Central London corporate with a strong reason to join the growing band of brands South of the River.”


Soucre: James Buckley, CoStar News