Central London office markets continue strong run

Take-up of office space in the City of London reached 5.1m sq ft at the end of the third quarter of 2018, just 1% down on the same point in 2017 and 18% up on the 10-year average. Space under offer in London’s West End market was 1.9m sq ft at the end of September, a new record that is said should calm any pessimism about Londo's prospects post-Brexit. The average prime rent at the end of Q3 was £79.69 per sq ft, up on the same point last year by 6.5%, and the highest annual average prime rent on record. Companies in the insurance and financial services sector continue to be the source of the majority of demand in the City, accounting for 20% of the office space taken as of the end of Q3. But the tech and media sector is close at 19% while serviced office providers are responsible for 12%. In the West End, office take-up for the year to the end of Q3 stood at 3.75m sq ft, with 1.9m sq ft of under offer. 2018’s under offer figure is 109% up on the long term average. The tech and media sector has been the dominant force in the West End market in 2018, accounting for 45% of take-up across 72 transactions.

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"John Woodhouse has played an important role in our growth by brokering all our property acquisitions and meeting our accomodation needs. John quickly grasped the nature of our business and understood our requirements for flexibility, which we achieved in our lease terms. He has also been able to obtain very advantageous Options Contracts for us to allow us to respond to market conditions in years to come. I would recommend the use of Bond Woodhouse to anyone requiring an innovative and pro-active approach to the acquisition of commercial property."

“Having worked with a number of property agents in the past, Mark’s approach was an interesting and refreshing change to the services offered by the large corporate firms that I had used in the past. I have engaged Mark on a couple of occasions now and his methodical, analytical and strategic approach has realised significant benefits for Acre Resources. He is candid, direct and balanced in his style such that the commercial direction he advises upon can to be totally trusted."

Bond Woodhouse helped us to relocate out of our managed office provider into our first conventional lease space, and managed the whole process from searching to securing the right space. Mark was always on hand to ensure that the problems that arose throughout the legal process were dealt with efficiently – even when he was on holiday he was making the necessary calls to ensure our project stayed on track. I have no hesitation in recommending Mark as a dedicated property agent for companies who need to acquire new office premises.

"John and team have provided a thorough and efficient service and have displayed a combination of professional competence and pragmatism. I would not hesitate to recommend them to any business requiring assistance in property matters."

"Bond Woodhouse took the time to understand us as a business. They were able to understand, better than we could ourselves, what might be possible in terms of office space. I would recommend anybody considering acquiring an office to consider using Bond Woodhouse. They have literally saved us hundreds of thousands of pounds."

"Not only did you understand the needs of our business but you also hammered out an impressive rental agreement and rent free period. I genuinely felt like you made time for me and the information you supplied was clear and understandable - perfect for a client like me!"

"Thank you for an excellent service - your experience, advice and hard work has been invaluable in this process. As you know, this is the first time we have been through an experience like this and we did not really know what to expect. Now we really understand the value of the role that you played in the whole process and we would have no hesitation in recommending your services to anyone in a similar position."

"Thank you for your support and effort which has resulted in our company saving substantial amounts of money. We are delighted with your services and we would not hesitate to recommend you to other companies"

"I would like to say that we have been very impressed with the professional way your team has handled the matter and in particular I feel that special credit should go to Andy Guntrip. Andy has been monitoring progress throughout and when issues have arisen his easy going but focused approach has achieved results."

Central London office markets continue strong run

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