May 3, 2019
Take up of office space in central London strongest for six years
The first quarter of 2019 saw take-up of office space in central London at its strongest for six years, as it continues to outperform expectations. This is according to Savills, which also reports 1.16 million sq ft of new lettings being agreed in the City of London. In the West End, 42 transactions completed in March alone took total activity for Q1 2019 to 98 office lettings. In the City, there were 100 occupational deals for the year to date, of which 33 completed in March. The tech & media sector accounted for the largest share of take-up in the West End, at 25 percent, while the City benefited from a surge of serviced offices.
The UK’s regional cities are competing harder than ever with London to become the location of choice for the tech sector. According to CBRE’s report 
The economic performance of UK cities is increasingly dependent on the skills of their workforce. Cities across the UK face the challenge of both attracting and retaining high-skilled talent. The 
Intuit UK yesterday hosted almost 200 women, with diverse backgrounds across class, ethnicity and age, who are part of The Pipeline’s alumni of their Leadership Summit programme. Over 50 percent of women in the room who attended Leadership Summit have been promoted or have broadened their role since finishing the programme.
Alongside the uncertainty surrounding Brexit there have been many predictions that London will be particularly hard-hit by the economic fallout. However, a new analysis by 
The volume of transactions in London’s West End was down 45 percent, the lowest for January in over 10 years. This is to be expected with the continued ongoing Brexit negotiations, according to Savill’s, who expect to see a lower volume of transactions complete over the first quarter of this year. Despite this, space under offer still remains well above the long-term average, with 237,000 sq ft going under offer during the month. This held the overall total at just over 1.2m sq ft, giving a strong indication that leasing activity over the course of 2019 will remain robust. Pre-lets accounted for 42 percent of the overall sq ft let in January and there were five transactions to the Insurance & Financial sector and four to the Tech & Media sector.
