More than 200,000 sq ft of West End office searches have been launched this week, taking the total number of active requirements in the area to more than 3.4m sq ft.
The new searches have come from Rolls-Royce, which wants to move from its 62,603 sq ft office at 65 Buckingham Gate, SW1 (pictured), into about 50,000 sq ft. Media company The Mill also wants 50,000 sq ft – more than double its space at 40-41 Great Marlborough Street, W1.
Elsewhere, advertising agency Tag Worldwide is seeking 70,000 sq ft, while financial advisory business Duff & Phelps and in-car satnav giant TomTom are looking for 20,000 sq ft and 10,000 sq ft, respectively.
Most relocations would take place between 2013 and 2014, when leases expire.
According to Savills, activity in the West End has been rising steadily over the past few months. At the end of March, there were 3.4m sq ft of active searches, a 25% increase on levels recorded in February. Some 930,000 sq ft of space was filled during the first three months of this year – a 9% increase on the long-term quarterly average and a 48% increase on Q1 2011.
BNP Paribas Real Estate is advising Rolls-Royce; Edward Charles & Partners represents The Mill and Tag; Jones Lang LaSalle is acting for Duff & Phelps; Creations EU Real Estate is advising TomTom.
joanna.bourke@estatesgazette.com
