Trainline books ticket to new Midtown office

Online train ticket seller Trainline has instructed CBRE to find the company a new office in London’s Midtown. Trainline currently occupies around 55,000 sq ft across three floors at 120 Holborn, EC1, owned by Singaporean developer UOL Group.  According to EG Radius data, the firm’s lease on the building expires in 2031 but has a lease break in early 2026. Trainline pays an annual rent of around £2.1m on the space, equivalent to £57.50 per sq ft. It is looking to move to an office with floorspace of around 60,000 sq ft in anticipation of continued growth of its business. According to its annual reports, the company’s headcount has expanded by almost 60% over the past four years to about 1,000 people. It also reported annual revenue growth of more than a fifth earlier this year, while net income rose by more than 60% year-on-year. According to the latest office data from CBRE, supply of space across the capital is falling, with Midtown and the City showing the biggest declines of 8% and 6% respectively. At the end of Q2, central London supply totaled 24m sq ft, which is still above the 10-year quarterly average of 17.3m sq ft, but down by 4% quarter-on-quarter.  Take-up across central London totalled 2.4m sq ft in Q2, 20% up on Q1 and 12% up on Q2 2023.