VIDEO: Docklands delivered its best performance in Q1 since pre-Lehman Brother’s crash, closing in on its 2013 total in a single quarter, according to figures released today by EG’s London Offices Market Analysis.
It was a bright spot in the London market which overall saw take-up levels of 2.9m sq ft, down a fifth on Q4 levels but up 10% on the same period last year.
The market landed 450,000 sq ft of deals in Q1, including central London’s largest deal of the first quarter, the 205,000 sq ft letting at 25 Churchill Place, E14, to accountancy firm EY.
Despite rents at Canary Wharf being half those in the City and some of the lowest in London, Andrew O’Donnell, real estate leader at EY, said Canary Wharf was not about bargain hunting.
“Canary Wharf’s attraction comes from its improved transport. Both the Jubilee Line upgrades and the impact of Crossrail will unlock a location previously seen as very much on the fringe,” he said.
nadia.elghamry@estatesgazette.com
