Over 2.9 million sq ft of office space has been prelet in central London so far in 2018. This is the highest amount since 2013, and reflects long term confidence in London notwithstanding Brexit uncertainty.
The prelets are not just in the City but across central London, with tech and media companies such as Sony and Facebook taking significant space in Kings Cross and the West End.
2018 has seen more prelet activity in the West End than in any previous year, a direct result of the lack of current completed developments available to lease now.
It's interesting to see this record prime office take up on the traditional lease model at the same time as the serviced office sector gathers pace. The big corporates are not apparently abandoning the conventional long lease model, but rather adding flexible work space to their existing property portfolios.
Number of prelets surges as development pipeline dwindles Louise Dransfield01/10/2018 | Offices | EnglandPrintDownloadShare Twenty prelet deals or pre-completion lettings of more than 50,000 sq ft have been done in central London in the year to date, making 2018 the best year for a decade for these deals.