2024-11-06-莱坊-London_Offices_Spotlight_Q3_2024_7页_1mb
报告摘要
London Offices Spotlight - Q3 2024 Summary
Core Content
This report provides a quarterly overview of the London office market, highlighting key trends in leasing and investment activity across major submarkets. It includes data on take-up, vacancy rates, rental growth, and investment volumes, along with specific examples of leasing and investment deals.
Main Market Trends
1. Leasing Market
- Take-up rises to above trend levels: The market is showing increased demand for office space, with take-up figures exceeding the long-term average.
- Fall in prime availability drives rental growth: A decrease in prime office availability is contributing to higher rental rates.
- Soft investment volumes but yields remain stable: Investment activity is subdued, but yields have remained consistent.
2. Submarket Key Indicators
The following table summarizes the key leasing indicators for various submarkets in London:
| Submarket | New/Refurb Vacancy Rate | Vacancy Rate | Prime Rent (GBP) | Quarterly Change | Rent Free Periods (Months) |
|---|---|---|---|---|---|
| Aldgate/Whitechapel | 7.1% | 13.5% | £57.50 | ▲ | 27 |
| City Core | 3.3% | 7.1% | £90.00 | ▲ | 24-27 |
| Clerkenwell/Farringdon | 8.8% | 13.3% | £92.50 | ▲ | 24 |
| Midtown | 3.0% | 7.2% | £82.00 | ▲ | 27 |
| Southbank Core | 5.3% | 7.6% | £82.50 | ▲ | 24-27 |
| Vauxhall/Battersea | 16.3% | 16.6% | £60.00 | ▲ | 24-27 |
| Canary Wharf | 5.8% | 13.6% | £57.50 | ▲ | 27-30 |
| Rest of Docklands | 5.2% | 10.3% | £32.50 | ▲ | 30 |
| Stratford | 23.2% | 28.2% | £48.50 | ▲ | 27 |
| Bloomsbury | 4.4% | 7.8% | £77.50 | ▲ | 24-27 |
| Fitzrovia | 6.8% | 12.0% | £95.00 | ▲ | 24 |
| King's Cross/Euston | 5.6% | 6.8% | £90.00 | ▲ | 24-27 |
| Knightsbridge/Chelsea | 6.6% | 10.8% | £102.50 | ▲ | 24-27 |
| Marylebone | 7.1% | 9.5% | £105.00 | ▲ | 24 |
| Paddington | 3.7% | 5.6% | £85.00 | ▲ | 24-27 |
| Soho | 3.0% | 4.5% | £100.00 | ▲ | 24 |
| Strand/Covent Garden | 10.0% | 12.6% | £90.00 | ▲ | 24-27 |
| Victoria | 4.4% | 5.3% | £92.50 | ▲ | 24-27 |
| West End Core | 2.9% | 5.2% | £150.00 | ▲ | 21 |
| White City | 15.7% | 21.0% | £57.50 | ▲ | 24-27 |
3. Development Pipeline
- The total development pipeline in London is significant, with new and ongoing projects contributing to the supply of office space.
- The development pipeline is particularly notable in the City & Southbank and Docklands & Stratford submarkets.
Key Leasing Deals
- Woolgate, EC2: 186,648 sq ft, Legal & General, Rent: £80.00 - £89.50/psf
- 1-2 Broadgate, EC2: 94,054 sq ft, A&O Shearman, Rent: Confidential
- 155 Bishopsgate, EC2: 84,887 sq ft, Akin Gump Strauss Hauer & Feld LLP, Rent: £82.50/psf
- The Whittington Building, EC2: 31,009 sq ft, Davis Polk & Wardwell London LLP, Rent: Confidential
- The Bower, EC1: 29,644 sq ft, Fresha, Rent: £69.05 - £69.34/psf
Investment Market
1. Market Activity
- Turnover: Investment turnover has been relatively low, with a notable decline in the last three months.
- Availability: The availability of office space for investment has decreased significantly.
- Under Offer: The volume of properties under offer has fluctuated, with a sharp drop in the last quarter.
- Yields: Yields have remained stable, with no significant change in the last three months.
2. Key Investment Deals
| Building | Price | Capital Value (PSF) | Yield | Purchaser |
|---|---|---|---|---|
| Atlantic House, 40-50 Holborn Viaduct, EC1 | £185 m | £707 | 7.44% | Royal London |
| 1 Bow Churchyard, EC4 | £57 m | £1,283 | 5.07% | Habro Properties |
| 6 Gracechurch Street, EC3 | £39 m | £830 | 6.26% | Farglory Land |
| Bow Lane Estate, EC4 | £35 m | £646 | 7.24% | Eastmed |
| 100 Middlesex Street, E1 | £34 m | £535 | 6.87% | Remake |
Contact Information
- Head of London Offices: Philip Hobley, philip.hobley@knightfrank.com, +44 20 7861 1192
- Chairman of London Offices: Angus Goswell, angus.goswell@knightfrank.com, +44 20 7861 5150
- London Leasing: Dan Gaunt, dan.gaunt@knightfrank.com, +44 20 7861 1314; Ian McCarter, ian.mccarter@knightfrank.com, +44 20 7861 1506
- London Lease Advisory: Simon Austen, simon.austen@knightfrank.com, +44 20 7861 1341
- London Development: Andrew Tyler, andrew.tyler@knightfrank.com, +44 20 7861 1319
- London Capital Markets: Jamie Pope, jamie.pope@knightfrank.com, +44 20 3909 6814; Nick Braybrook, nick.braybrook@knightfrank.com, +44 20 7861 1309; Anthony Barnard, anthony.barnard@knightfrank.com, +44 20 7861 1216
- London Tenant Representation: Richard Proctor, richard.proctor@knightfrank.com, +44 20 7861 5159
- Flexible Office Solutions: Amanda Lim, amanda.lim@knightfrank.com, +44 20 3826 0661
- Valuation & Advisory: Simon Gillespie, simon.gillespie@knightfrank.com, +44 20 7861 1292
- London Research: Shabab Qadar, shabab.qadar@knightfrank.com, +44 20 7861 1234
- London Data: Jessica Tsang, jessica.tsang@knightfrank.com, +44 20 7629 8171
General Notes
- This report is prepared by Knight Frank Research.
- Certain data is sourced from LOD.
- Graph data is sourced by Knight Frank.
- All floorspace figures refer to net sq ft.
- Take-up figures include space let, pre-let, or acquired for occupation during the quarter.
- Availability includes space available for immediate occupation and space under construction expected to be completed within six months.
- The report is produced to standard quarters:
- Quarter 1: January 1 – March 31
- Quarter 2: April 1 – June 30
- Quarter 3: July 1 – September 30
- Quarter 4: October 1 – December 31
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