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(USGovernment-News.Com, April 15, 2013 ) London, UK -- Midtown’s Availability Rate fell to 4.1% (1.35m sq ft) in Q1, lower than the City, West End and Southbank markets, despite the lowest quarterly take-up in the market for ten years. Availability in the City is the highest in Central London at 8.9%; Southbank is at 6.9% and the West End at 5.5%.
Secondhand Grade A space in Midtown fell 34% largely due to the planned refurbishment of Secondhand Grade B space, effectively removing buildings from the market. Tudor Court,
6-8 Bouverie Street, EC4, where a new planning application has been submitted, Holborn Tower, 137 High Holborn, WC1 and Aldwych House, 77-91 Aldwych, WC2, are three examples.
Total take-up in Midtown in Q1 of 312,000 sq ft was the lowest Quarterly total since Q1 2003 when Availability stood at 13.6%. Continued good churn of sub 3,000 sq ft units in Q1 totaled 63% of overall take-up. There has been no discernible reduction in overall occupier requirements. Both market dynamics will encourage Landlords.
Midtown’s pipeline received a welcome boost with 300,000 sq ft of new starts, the highest quarterly total for five years. The largest, 50, Victoria Embankment, EC4, will deliver 135,000 sq ft remarketed as Carmelite Riverside. In addition, future office Supply to come to the market now includes some unique spaces with icons such as the New Wing, Somerset House (44,500 sq ft) and the former Bush House, rebranded Aldwych Quarter (300,000 sq ft), both set for refurbishment.
Malcolm Brackley, Head of Lease Advisory & Valuation at farebrother commented “continued strong demand and low availability suggest that Rental Growth is due, however, some Landlords and Developers’ pricing on new or refurbished space remains at odds with occupiers’ rental expectations. Occupiers, who are also met by a dwindling supply of adequate
secondhand options, are choosing to stay put.”
About Farebrother:
Farebrother is an established, multidisciplinary practice of property advisers and surveyors whose core business is to provide office and retail brokerage, investment, lease advisory, valuation and management services to occupiers, investors and developers.
Based in Central London, Farebrother specialise in London Midtown and Southbank markets. A private practice since 1799, three partners have become Lord Mayor of London. The Practice acts for funds, estates, property companies, occupiers and private individuals, including PRUPIM, the CBI and City of London.
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