The take up of Central London office space in the last quarter of 2019 rose considerably, as data for Q4 has now revealed.
Office space take-up rose beyond 10-year average
The commercial property sector in the capital experienced a strong Q4, with take-up in Central London above the 10-year quarterly average.
Overall, office space take-up rose by four percent to 3.6m sq ft in Q4, compared to the 10- year average of 3.3 sq ft.
Which sector dominated office space take up?
Business firms in the City took up the most office space. Companies in this sector represented 25 percent of take-up in the three months up until the end of December.
For example, Convene took up a whopping 67,245 sq ft at 80 Fenchurch Street, whilst Adecco Alfred Marks took 44, 912 sq ft at 10 Bishops Square.
The next most dominant sector was the banking and financial services, who took up 23 percent OF office take-up in the heart of the city, according to research by real estate services firm CBRE.
In third place taking up office space in Central London were firms in the creative industries, making up 21 percent.
Decrease in take-up by co-working operators
Q4 saw a fall in the number of flexible office companies taking up space in Central London, in contrast to the rest of the year.
Growth in central London office investment
This news about office take-up in the centre of the capital for Q4 follows research that was revealed last week showing a huge surge in office investment in this area.
Following the general election results, there was a 125 percent increase in the amount invested compared to Q3.