As clients look outside central London for cheaper office space, two Stratford deals led the market
Two deals dominated the M25 market in the year to March 2016: the 425,000 sq ft and 270,000 sq ft lettings to the Financial Conduct Authority
and Transport for London respectively at Stratford’s International Quarter, E20.
And two agents dominated the M25 office league table: JLL and BNP Paribas Real Estate. JLL took pole position, acting on 1,200,000 sq ft of space, 466,000 sq ft ahead of BNP PRE.
At 5,424,000 sq ft, overall take-up was down by just 0.5% year on year. Deal numbers fell to 994 as agents filled more space across fewer deals; the average deal size rose 17% to 5,500 sq ft.
GOING UP?
M25 North East
The North East quadrant was the only area where deal volumes increased, albeit slightly, year on year – again through those huge deals in Stratford. Take-up was 1,374,910 sq ft over the year.
GOING DOWN?
M25 South East
Only 10% of take-up was secured in the South East quadrant – 528,427 sq ft, a drop of 40% year on year. Savills scored a victory here with a quarter of the market.
Largest deal
S5 in Stratford’s International Quarter, E20, a 425,000 sq ft letting to the Financial Conduct Authority, jointly brokered by BNP Paribas Real Estate and JLL.
Top M25 agents 2016 by total space disposed – 12 months to March 2016
Source: EGi regional office research
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