Central London hits record level of ‘overflow’ office lettings

London

Central London net office take-up rose to 8.9m sq ft in 2017 as occupiers leased a record volume of ‘overflow’ or expansion space.

Companies taking new leases in 2017 increased their total combined space from 5.2m sq ft to 8.9m sq ft, a net take-up of 3.7m sq ft across Central London offices, of which 2.7m sq ft was for expansion space rather than full scale relocations.

Research of all transactions over 5,000 sq ft in central London from Cushman & Wakefield found that 2.1m sq ft of ‘overflow’ transactions were over 10,000 sq ft, slightly higher than the previous peak in 2015.

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