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wo London property giants have pointed to good demand for prime central London places of work as they revealed pre-let offers, together with one for area behind the world well-known Piccadilly Lights.
FTSE 100 firm Landsec and West Finish landlord Grosvenor gave the updates on lettings at their respective developments: Lucent by Piccadilly station and 65 Davies Avenue above the Bond Avenue Elizabeth Line station.
A St James’s primarily based hedge fund is upsizing its UK headquarters and has signed for 50,000 sq. ft throughout two flooring at Lucent.
As soon as development is full later this Summer season, the Fletcher Priest-designed scheme will comprise 121,000 sq. ft of places of work and 20,000 sq. ft of retailers and leisure area.
Landsec mentioned the most recent letting, which was brokered by property brokers CBRE, Cushman & Wakefield and Knight Frank, means 77% of the workplace area has now been pre-let.
The Duke of Westminster’s property firm Grosvenor mentioned SPX Capital will pre-let the 12,000 sq. ft third ground of its new 65,000 sq. ft Mayfair improvement, with a separate monetary companies agency taking 19,000 sq. ft.
A variety of corporations wish to downsize places of work as they give attention to hybrid working pre-pandemic. It emerged this week that HSBC will depart its Canary Wharf HQ for a smaller London web site.
Nonetheless, a number of landlords behind new places of work with sturdy inexperienced credentials have reported stable demand from employers trying to improve to extra trendy area, even when employees are solely in for a part of the week.
Landsec’s head of office Oliver Knight mentioned: “The occupier marketplace for prime places of work in central London is proving to be resilient regardless of macro headwinds.”
He added: “With a considerable amount of area at our dedicated improvement schemes now both pre-let or in solicitors’ arms, we’re assured that the demand for best-in-class places of work will proceed.”
Grosvenor’s 65 Davies Avenue improvement
/ GrosvenorAnna Bond, government director of improvement at Grosvenor Property UK mentioned: “To be so near full occupancy months forward of completion is a testomony to our potential to ship the high-quality facilities and main environmental credentials that occupiers demand.”
