The first tranche of quarter one figures are coming in and indicate that it has been a tough start to the year for the capital.
Although take-up is down to the lowest Q1 figure since 2009, fear not: the ever-optimistic central London agents reckon there are some big deals to pull out of the hat. Why? Because occupiers are scrambling to snap up the diminishing supply of grade A space.
We will only know whether their optimism was justified as we move through the year. However, with the extended public holidays around the Queen’s Golden Jubilee and the Olympics approaching – both of which will no doubt provide an excuse for inaction – it might be well into the autumn before we can draw any conclusions.
In the meantime, all eyes will be on Sellar Properties’ Shard, which completes in June. London’s tallest building doesn’t have any office occupiers as yet and is seen an important litmus test for business sentiment. Do companies have the confidence (and the stomach for heights) to take space in such an iconic building.
Before then, there is the excitement of the mayoral elections. Ken and Boris are already slugging it out in public debates to win votes, but members of our London Forum seem to think that there is little between them in terms of developer friendliness.
By the time the next EG London is published on 12 May, the victor will have been crowned and we will be quizzing the forum in more detail about the implications for London’s property market.
stacey.meadwell@estatesgazette.com
