Q3 take-up figures put City on track to end year 8% up on 2016 – Savills

26 October 2017

Office take-up in the City of London reached 493,390 sq ft (45,836 sq m) in September, bringing total take-up for the first three quarters of 2017 to 4.8 million sq ft (445,920 sq m),  20% up on the same point last year, says international real estate advisor Savills.

If take-up in the City in the final quarter is consistent with the 10-year average of 1.5 million sq ft (139,350 sq m), this will bring full-year take-up to 6.3 million sq ft (585,270 sq m) notes Savills, and will make 2017 8% up on the City office take-up recorded for 2016 and the fifth consecutive year to surpass the long-term average of 5.5 million sq ft (510,950 sq m).

According to Savills, average grade A rents are currently £61.01 per sq ft (£657 per sq m), which is 0.1% down on September 2016, but still 23% up on the 10-year average.

Philip Pearce, head of the central London agency team at Savills, comments: “The City leasing market remains strong with 2017 take-up set to end the year the best part of a million square feet up on the long-term average and well above 2016 levels. Prime rents also remain robust with tech, media, professional services and the banking and financial services sectors all looking for space in the City.”

Key deals in September included Metro Bank acquiring 65,054 sq ft (6,044 sq m) at 20 Old Bailey, EC4, on a 15-year lease, joining Barings Bank and law firm Withers who have already signed for space in the building.


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