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London Offices Market Analysis Issue 1 Jan – Mar 2008 Agent Share by Number of Deals Done - Q1 2008 Rank Agent Name No. of Deals City West End 1 DTZ 44 19 25 This analysis details the top agents by 2 CB Richard Ellis 32 19 11 number of deals done, and has been split =3 Knight Frank 24 12 8 out to reveal, where applicable, which office, and therefore which market, is =3 Richard Susskind & Co 24 more active. 5 GVA 20 8 12 Once again, DTZ is leading the table, and 6 King Sturge 19 11 8 it continues to be more active in the West =7 Jones Lang LaSalle 18 5 12 End, although the gap is smaller than it has =7 E A Shaw 18 been previously. Also more active in the West End are GVA and Jones Lang LaSalle. 9 Farebrother 16 CB Richard Ellis is in second place, with =10 BH2 12 the same amount of deals in the City as =10 Strutt & Parker 12 6 6 DTZ, but half as many in the West End. =12 Godfrey Vaughan 11 Third placed Knight Frank is also more active in the City, as are all the other =12 Atisreal 11 6 3 agents in the table, where deals are =14 Cushman & Wakefield 10 attributable to a specific office, with the =14 NB Real Estate 10 9 1 exception of Strutt & Parker which completed six deals in each market. =16 Edward Charles & Partners 9 Richard Susskind is the only single office =16 Pilcher Hershman 9 agent to appear in the top five, with 24 =18 Ingleby Trice Kennard 8 deals. Overall, in terms of numbers of deals completed which are attributable to =18 Newton Perkins 8 a specific office, the City currently has a =18 Allsop 8 6 2 slight lead over the West End – 110 =18 Tuckerman 8 compared with 93. =18 Langham Estate Management 8 =23 MERJS 7 =23 D E & J Levy 7 =23 Robert Irving Burns 7 =23 Dron & Wright 7 5 2 =23 Savills 7 4 3 Top 5 Agents by Deals Done – Office Breakdown Q1 2008 DTZ GVA Knight Frank 33% 43% 40% 57% 60% 50% 17% CB Richards Ellis King Sturge City 34% 42% 60% 58% West End 6% Docklands 1 For all data enquiries call 020 7911 1881 London Offices Market Analysis Central London Agents Market Share League Table – Q1 2008 Rank Agent Disposals (sq ft) No Deals Market Share 1 CB Richard Ellis 620,426 32 22% 2 Knight Frank 420,502 24 15% 3 DTZ 402,540 45 14% 4 Atisreal/Morgan Pepper 321,592 11 11% 5 Jones Lang LaSalle 313,015 18 11% 6 BH2 248,411 12 9% 7 King Sturge 228,046 19 8% 8 Savills 220,616 7 8% 9 Cushman & Wakefield 208,566 10 7% 10 Strutt & Parker 175,685 12 6% 11 GVA 139,181 20 5% 12 Richard Susskind & Co 88,210 24 3% 13 Godfrey Vaughan 79,871 11 3% 14 Thompson Yates 78,168 6 3% 15 Farebrother 73,030 16 3% 16 Edward Charles & Partners 67,201 9 2% 17 E A Shaw 61,633 18 2% 18 Ingleby Trice Kennard 48,006 8 2% 19 NB Real Estate 40,085 10 1% 20 Newton Perkins 39,503 8 1% 21 Allsop 34,093 8 1% 22 Smith Melzack Pepper Angliss 25,545 2 1% 23 MERJS 24,987 7 1% 24 Tuckerman 23,208 8 1% Milton Gate, EC1: Addleshaw Goddard 25 Pilcher Hershman 22,932 9 1% takes 172,000 sq ft CB Richard Ellis regains top spot CBRE regained top spot this quarter, letting over 620,000 sq ft and taking 22% of the market share. It can largely attribute its position to a strong performance across four of the markets this quarter, obtaining top five finishes in all but the Southern and City fringe, and claiming top spot in Docklands.The largest deal to take place was the 164,930 sq ft letting to Moody’s Investors Services at 1 Canada Square, where CBRE acted jointly with Jones Lang LaSalle and Knight Frank.The space was made available after Atisreal and Cherryman successfully negotiated the surrender of Telegraph’s lease back to freeholder Canary Wharf Group.This deal undoubtedly helped seal its top place finish, but it was the consistency of letting activity throughout the quarter that led to the 200,000 sq ft lead CBRE took over second placed Knight Frank which topped the 2007 full year market share table. Knight Frank climbed two places on Q4 2007 and took 15% of the market share over 24 deals. As with CBRE, it had top five finishes in four of the markets, with the exception of Midtown and Southern fringe. Aside from 1 Canada Square, its largest deal saw Lockton International take a prelet at the 83,980 sq ft St Botolph House, 138-139 Houndsditch, EC3, joint with Cushman & Wakefield. DTZ slipped to third place, after topping last quarter’s league table, completing an impressive 45 deals, more than any other agent. Its largest disposal was in a transaction joint with BH2 at 30 Park Street, SE1, where Hyde Housing Association is planning to take the entire 50,950 sq ft proposed property upon completion in Q3.The performances in the West End and Southern fringe markets ensured another high finish this quarter with the agent taking top spot in both markets. Atisreal boosted by Morgan Pepper acquisition Atisreal clinched fourth spot taking 11% of the market share and completing 321,590 sq ft of lettings.The improved league position is largely attributable to the recent acquisition of City and Midtown market specialist Morgan Pepper, which prior to them joining forces had completed the largest transaction of the quarter at Milton Gate, Chiswell Street, EC1, where 171,800 sq ft was taken by Addleshaw Goddard.This deal enabled them to take joint top place in the City fringe market, alongside Savills, which also advised at Milton Gate. Elsewhere Atisreal advised on the prelet to Mitsui Sumitomo’s at the 56,000 sq ft Willis Building, 51 Lime Street, EC3. Jones Lang LaSalle was pushed into fifth position after completing on 313,000 sq ft over 18 deals. Other than its joint transaction at One Canada Square, JLL had two top five finishes, in the Docklands and West End markets. Its second largest deal however, was seen in the outer markets, with the British Heart Foundation taking 35,500 sq ft at Greater London House, NW1. BH2 took sixth place seeing top five finishes in both the City core and Southern fringe markets. Its largest deal completed at 150 Aldersgate Street, EC1, where Moore Stephens & Co took 80,000 sq ft in a deal joint with King Sturge. Elsewhere, 35,500 sq ft was disposed of at Apollo Court, 5 Thomas More Square, E1, to Global Tea & Commodities in a transaction joint with Knight Frank. Other than the letting at 150 Aldersgate Street, EC1, which secured its seventh place, King Sturge was sole agent on the disposal of 55,350 sq ft at Cutlers Exchange 123 Houndsditch, EC3. Savills slipped one place to eighth spot this quarter completing seven deals. Other than the Milton Gate transaction, it advised jointly with DTZ on the 17,900 sq ft letting to Vestra Wealth at 14 Cornhill, EC3, and elsewhere the 11,730 sq ft sole instruction at The Blue Fin, 90 Southwark Street, SE1, where VT Communications took the space on a ten year lease. Cushman & Wakefield climbed five places to ninth spot letting 208,900 sq ft and gaining a 7% market share.Two notable deals, other than the letting at St Botolph House, saw Cushman & Wakefield achieve a top five finish in Docklands, with 33,200 sq ft taken by De Vere & Company at 1 Westferry Circus, and 30,100 sq ft taken by CLB Littlejohn Frazer at the same property, both joint with CBRE. Strutt & Parker completes the top ten, gaining 6% of the market share over 12 deals. At the Stock Exchange building, it acted jointly with CBRE, on the 74,800 sq ft prelet to DTZ, and at Iona, 40 Argyll Street,W1, it let 27,600 sq ft, joint with Cushman & Wakefield, to Och Ziff. For all data enquiries call 020 7911 1881 2 Agents Market Share by Market Q1 2008 City Core West End Rank Agent Disposals (sq ft) No Deals Mkt Share Rank Agent Disposals (sq ft) No Deals Mkt Share 1 King Sturge 198,985 11 27% 1 DTZ 131,437 21 19% 2 CB Richard Ellis 183,069 13 25% 2 CB Richard Ellis 127,415 11 18% 3 BH2 172,130 10 23% 3 GVA Saxon Law 81,440 11 12% 4 Strutt & Parker 105,997 5 14% 4 Jones Lang LaSalle 80,043 11 11% 5 Knight Frank 102,146 6 14% 5 Knight Frank 69,935 8 10% King Sturge took top spot in the City core this quarter, disposing of 199,000 sq ft across DTZ claimed first place in the West End completing a very impressive 21 deals and taking 11 deals, and achieving a 27% market share. Other than the deals already mentioned, one 19% of the market share. Its largest deal occurred at 1 Curzon Street,W1, where GLG other notable transaction occurred at the London Underwriting Centre, 3 Minster Partners took 30,300 sq ft of additional space. Elsewhere in a sole instruction, almost Court EC3, where Catlin Underwriting Agencies took an additional 9,500 sq ft. CB 30,000 sq ft was let to Warburg Pincus International at Almack House, SW1. CBRE Richard Ellis claimed second place this quarter completing the largest number of deals slipped one place this quarter to second spot and took 18% of the market share. Its and taking 25% of the market share. Other than the letting at the Stock Exchange largest deal was the transaction joint with JLL at 9 Cavendish Square,W1, where building, almost 29,000 sq ft was let to Miki Travel at Vintners Place, Upper Thames Chevron Texaco UK took the entire 30,000 sq ft property on a prelet. GVA made the Street, EC3, in a disposal joint with BH2, which took third place this quarter with a 23% table this quarter taking third spot completing 81,000 sq ft worth of deals with its largest market share over ten deals. Strutt & Parker let a respectable 106,000 sq ft this quarter transaction being at Berkeley Square House,W1, where Regus took 23,200 sq ft of space and made fourth position with its second largest deal taking place at the Stock Exchange on the first floor at the property in a deal joint with CBRE. JLL took fourth place again building, where Gide Loyrette Nouel took 22,200 sq ft on the 14th and 15th floors in a this quarter completing 11 deals and letting a total of 80,000 sq ft. Other than its joint disposal joint with CBRE. Knight Frank completed the City core table this quarter taking disposal at 9 Cavendish Square, 18,600 sq ft was let at 51-53 Great Marlborough 14% of the market share. Its inclusion in the table was almost entirely due to the deal at Street,W1, where four floors were taken by separate tenants. Knight Frank slipped to St Botolph House, however it did complete an additional five deals, the most significant fifth place, completing eight deals and taking 10% of the market share.The largest of which was at 10 Gresham Street, EC2, where J.C. Flowers & Co took 8,000 sq ft on transaction to take place was seen at 25 Victoria Street, SW1, where 18,000 sq ft was part of the fourth floor in a deal joint with Jones Lang LaSalle. taken through a deal joint with CBRE by First Reserve Corporation. Midtown City Fringe Rank Agent Disposals (sq ft) No Deals Mkt Share Rank Agent Disposals (sq ft) No Deals Mkt Share 1 Farebrother 62,266 13 29% =1 Atisreal 171,805 1 38% 2 Atisreal 34,488 3 16% =1 Savills 171,805 1 38% 3 DTZ 32,032 3 15% 3 Thompson Yates 78,168 6 17% 4 E A Shaw 29,069 9 14% 4 Knight Frank 64,836 5 14% 5 CB Richard Ellis 23,449 2 11% 5 Richard Susskind & Co 54,614 18 12% Farebrother climbed four places this quarter in Midtown to claim top spot after Top place is shared between Atisreal, following its acquisition of Morgan Pepper, and completing 13 deals, taking an impressive 29% of the market share.The largest deal to Savills, with a 38% market share each, after both instructing on the largest deal of the complete was at the Holborn Centre, 120-125 High Holborn, EC1, where the fourth quarter at Milton Gate, Chiswell Street, EC1.Addleshaw Goddard took the space floor, measuring 19,000 sq ft, was taken by Michael Page Holdings in a transaction joint measuring 171,800 sq ft.Thompson Yates claimed third spot after successfully with DTZ.Atisreal had a successful quarter in Midtown, achieving second place after negotiating six deals. Four of these took place at Old Truman Brewery, E1, the largest completing just three deals, the largest being the 15,000 sq ft disposal at Grove House, of which was at the H Block where 45,400 sq ft was let to an undisclosed tenant. Orange Street,WC2, where Avanta Business Centres took the space, in a deal joint Knight Frank again managed a top five finish and took fourth place in Midtown, and with Richard Susskind and Cluttons. DTZ claimed third spot taking 15% of the market other than the disposals already mentioned 11,500 sq ft was let to Cunningham share. Its largest deal to complete other than that at the Holborn Centre, saw Lindsey International at International House, 1 St Katharine’s Way, E1, through a deal Electronic Arts take 6,600 sq ft at Centre Point, 103 New Oxford Street,WC1, joint joint with Ingleby Trice Kennard. Richard Susskind took fifth spot this quarter with Atisreal and EA Shaw, which took fourth spot this quarter completing on 29,070 achieving a 12% market share after acting on 18 disposals. Only one deal of over sq ft.The largest of its nine deals was 10,100 sq ft at 5 Richbell Place,WC1, to an 10,000 sq ft completed and this was at 154 Clerkenwell Road, where the entire undisclosed occupier. CBRE completes the Midtown table taking fifth spot and 11% of 13,200 sq ft building was taken by Agent Provocateur. the market share.The largest of its two deals was at Arundel Great Court,WC2, where 12,950 sq ft was taken by an undisclosed occupier through a deal joint with Atisreal. Docklands Southern Fringe Rank Agent Disposals (sq ft) No Deals Mkt Share Rank Agent Disposals (sq ft) No Deals Mkt Share 1 CB Richard Ellis 284,061 5 87% 1 DTZ 76,423 2 80% 2 Knight Frank 176,856 3 54% 2 BH2 50,947 1 53% 3 Jones Lang LaSalle 164,930 1 50% 3 Savills 11,731 1 12% 4 Cushman & Wakefield 63,308 2 19% 4 Edward Symmons 6,400 2 7% 5 DTZ 24,744 3 8% 5 E A Shaw 3,785 1 4% CBRE climbed up the table this quarter winning an 87% market share and claiming DTZ claimed first place this quarter after finishing second in Q4 2007. It disposed of top spot in Docklands. It completed five deals, with three occurring at One Canada 76,400 sq ft over two deals and took an impressive 80% market share. Other than Square, and two at 1 Westferry Circus. Knight Frank achieved second place, seeing the letting at 30 Park Street, it disposed of 25,500 sq ft at New City Court, 20 St 176,850 sq ft complete over three transactions. Other than the deal at One Canada Thomas Street, where part of the first and entire second floor was taken by Guy's Square, Knight Frank acted on the disposal of 10,300 sq ft at 5 Harbour Exchange and St Thomas' NHS Foundation Trust. BH2 were second this quarter, completing just Square, where the first floor was let to Cognizant Limited through a deal joint with one transaction in the joint disposal of 30 Park Street. Savills climbed one place to DTZ. JLL improved by two places on last quarter rising to third spot, seeing only one third, and as with last quarter saw only one deal complete.This was the sole deal complete, this being the 164,900 sq ft disposal at One Canada Square to instruction at The Blue Fin building, where VT Communications took 11,700 sq ft on Moody’s. Cushman & Wakefield claimed fourth place this quarter completing two a ten year lease. Edward Symmons completed two disposals this quarter and took 7% deals and taking 19% of the market share, with both transactions taking place at 1 of the market share.The largest disposal was at Magdelene House, 136-148 Tooley Westferry Circus, where a total of 63,300 sq ft was let. DTZ has again made the top Street, where 4,000 sq ft was let to Planning Potential. E A Shaw saw its second top five in Docklands with its largest deal occurring at the Isis building, 193 Marsh Wall, five finish in the Southern fringe market, with only one deal completing, this was the where Tawa Management took the 12,800 sq ft first floor. 3,800 sq ft disposal of the third and fourth floors at St Stephen’s House, 115 Southwark Bridge Road, to the Health Management Group. 3 For all data enquiries call 020 7911 1881 London Offices Market Analysis Q1 2008 Key Transactions – All Markets Market Address Tenant Size (sq ft) Agent City Fringe Milton Gate, Chiswell Street, EC1 Addleshaw Goddard 171,805 Atisreal/Savills Docklands One Canada Square, E14 Moody's Investors Service 164,930 CB Richard Ellis / Jones Lang LaSalle / Knight Frank City Core St Botolph House, Houndsditch, EC3 Lockton International 83,980 Cushman & Wakefield / Knight Frank City Core 150 Aldersgate Street, EC1 Moore Stephens & Co 80,000 BH2 / Kings Sturge City Core Stock Exchange Building, Old Broad Street, EC2 DTZ 74,720 CB Richard Ellis / Strutt & Parker City Core The Willis Building, Lime Street, EC3 Mitsui Sumitomo Insurance 56,020 Atisreal Southern Fringe 30 Park Street, SE1 Hyde Housing Association 50,950 BH2 / DTZ City Fringe Apollo Court,Thomas More Square, E1 Global Tea & Commodities 35,460 Savills Docklands 1 Westferry Circus, E14 De Vere & Company 33,250 CB Richard Ellis / Cushman & Wakefield West End Victoria Central, Buckingham Palace Road, SW1 Abbey Business Centres 30,930 Atisreal / Godfrey Vaughan West End 1 Curzon Street, W1 GLG Partners 30,340 DTZ West End 9 Cavendish Square, W1 Chevron Texaco 30,080 CB Richard Ellis / Jones Lang LaSalle Southern Fringe New City Court, St Thomas Street, SE1 Guy's & St Thomas' NHS Foundation Trust 25,480 DTZ Midtown Holborn Centre, Holborn, EC1 Michael Page Holdings 18,980 DTZ / Farebrother Midtown Grove House, Orange Street, WC2 Avanta Business Centres 14,980 Atisreal / Cluttons / Richard Susskind Key New Instructions – All Markets Market Address Grade Size (sq ft) Agent Midtown 33 Holborn, EC1 Secondhand 330,000 Cushman & Wakefield / Jones Lang LaSalle West End 1 Drummond Gate, SW1 Secondhand 106,090 DTZ West End Fortress House, Savile Row, W1 Under Construction 91,510 CB Richard Ellis / DTZ City Core 10 Lime Street, EC3 Premarketing 53,480 GVA / Kinney Green Docklands 10 Upper Bank Street, E14 Secondhand 53,440 CB Richard Ellis / GVA West End Walmar House, Regent Street, W1 Premarketing 52,500 Savills Docklands 25 Bank Street, E14 Secondhand 40,300 Ingleby Trice Kennard City Fringe 21 Prescot Street, E1 Secondhand 38,500 Jones Lang LaSalle Midtown 5 New Street Square, EC4 Under Construction 36,330 Savills Docklands 1 Churchill Place, E14 Secondhand 33,100 Atisreal City Core Fitzwilliam House, St Mary Axe Secondhand 30,220 King Sturge City Core 11 Devonshire Square Secondhand 27,710 CB Richard Ellis City Fringe Sutton House, Great Sutton Street, EC1 Under Construction 26,930 Anton Page / Stirling Ackroyd City Core 201 Bishopsgate, EC2 Under Construction 26,730 Jones Lang LaSalle / Knight Frank West End 1-11 Hay Hill, W1 Premarketing 26,000 GVA / Knight Frank For all data enquiries call 020 7911 1881 4 Summary Statistics City Core City Fringe Docklands Midtown Southern Fringe West End Overall 2006 2007 2008 2006 2007 2008 2006 2007 2008 2006 2007 2008 2006 2007 2008 2006 2007 2008 2006 2007 2008 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Takeup (million sq ft) annual or quarter total New/Refurb existing 1.70 0.42 0.01 0.36 0.26 0.18 0.45 0.32 0.00 0.26 0.30 0.03 0.40 0.57 0.00 1.10 0.77 0.07 4.27 2.64 0.29 Premarketing 0.31 0.00 0.00 0.00 0.00 0.00 0.96 0.38 0.00 0.15 0.01 0.00 0.20 0.45 0.00 0.00 0.00 0.01 1.61 0.84 0.01 Secondhand 2.49 2.39 0.49 0.91 1.04 0.27 0.37 0.32 0.33 1.09 1.13 0.18 0.44 0.47 0.04 2.15 2.80 0.56 7.45 8.14 1.88 Under Construction 0.29 0.99 0.23 0.04 0.00 0.00 0.00 0.00 0.00 0.28 0.19 0.00 0.06 0.19 0.05 0.32 0.64 0.06 0.99 2.00 0.34 Total 4.79 3.80 0.74 1.30 1.30 0.45 1.78 1.02 0.33 1.77 1.63 0.21 1.10 1.68 0.10 3.57 4.21 0.69 14.31 13.63 2.51 Availability (million sq ft) annual quarterly average or quarter end Q1 Q1 Q1 Q1 Q1 Q1 Q1 New/Refurb existing 0.93 0.27 0.25 0.49 0.33 0.34 0.50 0.10 0.03 0.30 0.23 0.19 0.22 0.10 0.03 0.67 0.30 0.32 3.11 1.34 1.16 Premarketing 5.92 7.74 7.34 1.12 1.62 2.19 6.78 5.40 4.36 0.97 0.69 0.32 1.06 0.85 0.79 2.16 2.22 1.67 18.02 18.53 16.68 Secondhand 3.96 3.04 3.22 2.54 1.96 1.61 1.03 0.88 0.72 1.72 1.34 1.77 0.34 0.27 0.48 3.14 2.25 2.45 12.74 9.74 10.25 Under Construction 2.39 4.56 5.94 0.37 0.46 0.34 0.00 0.92 3.06 0.85 0.93 1.31 0.60 0.25 0.00 1.23 1.09 1.48 5.44 8.21 12.14 Total 13.19 15.61 16.76 4.53 4.37 4.49 8.32 7.30 8.18 3.84 3.19 3.58 2.23 1.48 1.30 7.20 5.86 5.92 39.31 37.82 40.22 Availability Rate % annual average or quarter Q1 Q1 Q1 Q1 Q1 Q1 Q1 % 8.89% 6.21% 6.45% 14.61% 11.00% 9.30% 8.44% 5.54% 4.46% 6.63% 5.13% 6.46% 5.95% 3.65% 4.91% 6.07% 4.15% 4.51% 8.43% 5.95% 6.02% Under Offer and Withdrawn (million sq ft) quarter or quarterly average Q1 Q1 Q1 Q1 Q1 Q1 Q1 Under offer 0.73 0.74 1.29 0.25 0.31 0.12 0.23 0.20 0.05 0.33 0.29 0.13 0.17 0.16 0.02 0.52 0.42 0.32 2.22 2.11 1.94 Withdrawn 0.53 0.18 0.93 0.09 0.08 0.05 0.13 0.02 0.05 0.16 0.10 0.10 0.14 0.02 0.01 0.25 0.17 0.03 1.30 0.58 1.18 Average Asking prices (£psf) quarter or quarterly average *New leases only Q1 Q1 Q1 Q1 Q1 Q1 Q1 New Build Existing £46.08 £59.92 £64.36 £36.51 £48.22 £49.00 £37.44 £31.96 £37.25 £41.34 £62.52 £47.25 £34.93 £44.87 £48.25 £72.09 £84.26 £84.25 £44.73 £55.29 £55.06 Second-hand Grade A £31.68 £39.86 £44.14 £23.13 £27.03 £32.69 £22.11 £25.55 £29.24 £36.51 £40.41 £45.40 £27.96 £30.47 £33.69 £40.32 £50.91 £57.01 £30.29 £35.71 £40.36 Investment Sales (million sq ft) Annual or quarter total Q1 Q1 Q1 Q1 Q1 Q1 Q1 Total sq ft 10.43 6.47 0.60 2.20 1.66 0.02 1.32 3.42 0.00 2.66 3.67 0.31 0.81 0.31 0.68 3.59 2.43 0.65 21.01 17.94 2.26 No Transactions 120 60 6 57 52 2 8 12 0 62 48 8 9 17 4 146 102 21 402 291 41 Construction Starts (million sq ft) Annual or quarter total Q1 Q1 Q1 Q1 Q1 Q1 Q1 Total started 2.49 4.18 0.69 0.68 0.06 0.13 0.36 3.07 0.38 0.64 1.13 0.14 0.19 0.05 0.00 1.86 1.00 0.46 6.22 9.50 1.80 Pre-let 0.16 0.00 0.00 0.00 0.00 0.00 0.36 0.73 0.00 0.05 0.16 0.00 0.00 0.00 0.00 0.40 0.05 0.02 0.97 0.94 0.02 Speculative 2.33 4.18 0.69 0.68 0.06 0.13 0.00 2.34 0.38 0.58 0.97 0.14 0.19 0.05 0.00 1.46 0.95 0.44 5.24 8.55 1.78 Completed Space Still available (million sq ft) (completion by full year or part of year) Q1 Q1 Q1 Q1 Q1 Q1 Q1 Total completed 0.37 1.34 0.21 0.11 0.46 0.03 0.00 0.00 0.00 0.18 0.84 0.03 1.29 0.39 0.00 1.00 0.40 1.01 2.95 3.43 1.27 Still available 0.02 0.03 0.07 0.03 0.03 0.01 0.00 0.00 0.00 0.03 0.10 0.00 0.03 0.00 0.00 0.03 0.08 0.16 0.13 0.24 0.24 Future Completions (million sq ft) for full year or part of year Delivery date 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 2008 2009 2010 Total to complete 4.10 2.65 0.34 0.34 0.14 0.00 0.49 1.58 0.60 0.77 1.00 0.00 0.24 0.00 0.45 2.78 0.86 0.48 8.71 6.23 1.86 Amount still available 3.32 2.56 0.20 0.34 0.14 0.00 0.13 0.59 0.60 0.60 0.84 0.00 0.00 0.00 0.00 1.36 0.81 0.00 5.74 4.95 0.80 % still available 81% 97% 60% 100% 100% 0% 26% 37% 100% 78% 84% 0% 0% 0% 0% 49% 95% 0% 66% 79% 43% 5 For all data enquiries call 020 7911 1881 London Offices Market Analysis Overview Introduction After the poor end to 2007, with the credit crisis starting to take its toll on market activity and concerns over debt structures spiralling, it was always going to be a cautious start to the year ahead.With a large development pipeline established, 8.7 million sq ft is set to complete this year alone, subdued letting activity could not have come at a worse time. Of the stock due to complete, 65% is currently available. Last quarter saw companies showing negative returns and the IPD index indicated the worst return on property investment since the 1990’s crash, comparisons to which were already being made. There is no doubt that the market is suffering from the fallout in the sub prime credit markets, with take up as a whole declining by 2.5% on the already low levels of last quarter. Only three markets showed improvements in activity, the City core, City fringe, and Docklands. However, the amount of space taken in the City core is still incredibly low. Market confidence has been poor and deals have been few and far between. Overall, supply levels have yet to reveal the severity of the current slump, as little space has completed this quarter, the exception being the West End market.The impact of low market activity will unfold as 2008 progresses as a flood of vacant stock completes across London and is released to the market.This in turn will suppress rental growth and cause availability rates to slacken. A divide in fortunes is evolving between the City and West End. Understandably, the City is suffering the brunt of the change in financial occupier demand and the West End is taking comfort from the much needed injection of newly completed stock. Investment prices are being restructured so opportunities are there for investors with access to capital. Metropole Building,WC2: Investment: Can re-pricing of assets turn the corner on stifled investment activity? Sold for £130m However, for Q1 at least, investment activity as a whole was restrained with only 41 deals completing.The deals which have completed have tended to be at ‘cut prices’ as space is perceived to be overpriced and transactions of high risk.The fall in capital values has inevitably resulted in rising yields, which has improved capital income for those relying on rent returns. However, with capital values falling by as much as 15%, short term gains are poor with investors having to secure funding against lower value portfolios. Those investors reducing their exposure to the UK market are focussing attentions on overseas ventures, where market conditions are more stable and short term prospects more risk averse.This, coupled with the UK losing ground in the competitiveness of its corporation tax rate, has undoubtedly damaged London’s investment appeal. According to a survey carried out by PricewaterhouseCoopers and the Urban Land Institute, the Capital has slipped to 15th place in investment popularity, down from 2nd place in 2006.This fall was seen last quarter where Irish investment in London dropped to €4.7 billion, down by 15% on 2006, interrupting three consecutive years of spending growth. Several large companies have decided to vacate the UK to foreign offices, including internet search engine Yahoo, which plans to re-locate to Geneva. The fall in capital values is addressing this, and are beginning to attract other sources of foreign investment, particularly from the Middle East, China and Dubai, where their ‘petrol dollars’ are now likely to posses greater purchasing power.This quarter the £130 million Metropole Building, Northumberland Avenue,WC2, was purchased by Istithmar, the Dubai investment fund. It is not only foreign investors ready to take advantage in adjustment in capital values. UK ‘opportunity funds’ that have sufficient capital to invest are also being tempted by the lower pricing of available stock. Helical Bar Investments has stated that the re-pricing of assets has renewed its interest in a market it was previously priced out of. Adjustments are slowing and some have claimed that the bottom has been reached, after the sale of New Star UK Property Unit Trust’s 60 Gracechurch Street, EC3, was sold to Evans Randall for just £127.5 million after it was placed on the market for £145 million. Activity stalls This quarter has seen take up stall. Although the City core saw a slight increase in take up on Q4 2007, it is obviously heavily reliant on financial occupiers. Recent news of the collapse of global investment bank Bear Stearns, and losses published by Citibank and Merrill Lynch, is not a good sign. Questions are now being asked over occupier demand and its ability to absorb the vacant stock completing in 2008. Consequently starts have now been pushed back, as developers strive to achieve substantial prelets.The prospect of cut backs at many City banks has also led to large requirements being postponed. Both Macquarie and Investec are delaying expansion and an estimated 300,000 sq ft requirement has been put back until a later date. Many corporations have opted for flexible space on short terms until the market stabilises, resulting in a strengthening serviced office sector. Asking rents for new build stock have been affected by this, and have therefore began to increase at a slower rate. The West End has fared better this quarter, despite seeing take up levels fall by 22%. A much needed supply of new stock completed, 84% of which has already been prelet.This will ensure that the market will not be swamped by vacant stock and availability rates remain contained. Unlike the City core, the West End appears to have a stable development pipeline, and due to its multi-occupier market, the 20 Fenchurch Street, EC3: effects of the credit issues have been softened. Construction start may be pushed back Outlook for 2008 The effects of the credit crisis are being uncovered and they appear to be rather deep rooted.The economic downturn at the end of 2007 has continued into 2008. Occupier demand is tenuous, developers are unsure of the future, and the pricing of assets is subject to review. With current volumes of activity both for take up and investment sales being low, coupled with a growing speculative development pipeline, the outlook for the remainder of 2008 is concerning. Activity for the forthcoming quarters is expected to be even slower, and is likely to be dependant on two things: when the debt market begins to improve, and how much impact there will be on the occupier market. The West End is expected to see increased asking rents as more new stock completes and occupier demand remains high. In contrast, if levels of activity do not increase it is likely that City rents could stall or possibly fall as the large supply of new space completes, exceeding the current demand. The employment market is showing signs of suffering, with the financial services industry being hit the hardest. Cut backs of between 10,000 and 20,000 employees are expected as many investment banks release poor results. It has been reported that the continuing credit crunch has led to the financial services sector reducing its spending on land and buildings to the lowest level since June 1992. The outlook for 2008 appears fairly gloomy, for the City especially. Despite this, it is important to remember that the property market is cyclical. Re-pricing of assets began to show signs of slowing in February and although capital values have fallen, rents as a whole have remained stable.The London office market is also a consistent performer and during the current economic downturn has once again outperformed returns seen in other markets. For all data enquiries call 020 7911 1881 6 City Core % +/- % +/- % +/- Take Up Take up (sq ft) Q1 2008 24 months 12 months 3 months The disappointing take up figures in the City core seen at the end of 2007 have continued in to Q1 2008 with New/Refurb existing 14,874 -95.78 -92.41 -74.06 levels of activity rising by only 3%.Take up of new or Premarketing - n/a n/a n/a refurbished space was down by 74% on last quarter Secondhand 494,214 15.01 -14.98 5.44 with only three deals completing. As with Q4 2007, no pre marketed space was taken this quarter, however, Under Construction 229,552 276.32 n/a 18.41 take up of stock under construction is up by 18% with Total 738,640 -12.41 -4.98 2.60 five deals completing. The most significant deal to take place this quarter was the 83,980 sq ft prelet to insurance broker Lockton International on the first and second floors at St Botolph House, EC3.The property is currently under construction and due for completion in 2009. Elsewhere DTZ took 74,700 sq ft at The Stock Exchange building, 125 Old Broad Street, EC3, on a 20 year lease. Take up of secondhand stock rose slightly this quarter with two notable deals completing.The largest saw Moore Stephens & Co take the entire 80,000 sq ft at 150 Aldersgate Street, EC1, on an assignment from Addleshaw Goddard, it plans to take occupation of the space later this year when Addleshaw Goddard moves to Milton Gate. Secondly, Mitsui Sumitomo Insurance took 56,020 sq ft at the Willis St Botolph House, EC3: Building, 51 Lime Street, EC3, and plans to take occupation in May 2008 when the Willis Group is planning to vacate to other existing Lockton International London offices, including some additional space at the same building. takes 84,000 sq ft The disappointing levels of activity have not affected the volume of space placed under offer this quarter, a total of 1.29 million sq ft. The largest amount of space to gain interest was at St Alphage House, 2 Fore Street, EC2, where the entire proposed one million sq ft development recently went under offer to JP Morgan, a deal which would provide a much needed boost to take up levels should it complete. A sense of stability and renewed interest appears to be required if the City core is to avoid falling into a slump, however this may be a long way off for this market which seems to be feeling the brunt of reduced occupier demand caused by the financial uncertainties in the current market conditions. Supply Supply dropped by almost 6% on last quarter, but was still up by 30% on this time last year.This was not a result of improved take up levels for the quarter but largely due to a decreased amount of space being actively premarketed, down by 16% on Q4 2007.This reduction largely came in the form of Great Portland Estate’s 815,000 sq ft proposed property at 100 Bishopsgate, EC2, being withdrawn from the market until a date closer to the construction start, which is yet to be determined, although completion is currently scheduled for Q4 2012. Supply of new or refurbished stock increased slightly % +/- ft Sq % +/- Mkt Shr+/- % this quarter with three schemes totalling 210,000 sq ft Supply (sq ft) Q1 2008 24 months 12 months 3 months completing compared to 390,000 sq ft in Q4 2007.The largest scheme to complete was British Land’s 122,310 New/Refurb existing 246,855 -82.48 -20.98 3.26 sq ft development at Ludgate West, EC4, where 37,440 Premarketing 7,343,228 58.99 25.46 -15.52 sq ft remains available and is being actively marketed. Secondhand 3,223,488 -27.59 -0.27 4.00 Supply of space under construction has increased this Under Construction 5,944,655 214.36 70.38 3.42 quarter rising by 3% on Q4 2007 and by 70% on this Total 16,758,226 35.48 time last year. In total seven schemes got underway, 30.04 -5.74 totalling 685,670 sq ft, none of which has seen any preletting activity.The largest scheme to go under construction is Heron International’s 471,880 sq ft Heron Tower, EC2, which is scheduled for completion in Q1 2011. Second to this is the proposed 115,550 sq ft development at 1 Lothbury, EC2, due for completion in Q2 2009. Supply of secondhand stock has also risen this quarter, increasing by 4% on Q4 2007.The largest amount of secondhand stock to come to Stock Exchange Building, EC3: the market was at Fitzwilliam House, EC3, where the basement, ground and first floors, totalling 30,220 sq ft, became available. DTZ takes 74,700 sq ft As already mentioned, the amount of withdrawn stock this quarter has increased significantly on Q4 2007 and this time last year with a total of thirteen properties being taken off of the market, totalling over 930,000 sq ft, the majority of which is at 100 Bishopsgate, EC2. Elsewhere, at Royal London House, Finsbury Square, EC2, 59,370 sq ft was taken off of the market. Availability Rates Availability Rates Availability rates have risen in the City core this quarter rising to Availability Rate (%) 6.45% from 6.14% last quarter.The low take up levels seen so far 12 this year outweighed the slightly reduced supply levels and could 10 not prevent an increase in vacant stock to the market, causing availability rates to rise. Despite this, levels are still somewhat down 8 on the 6.7% seen in Q1 2007.There is growing concern however, 6 that with occupier demand becoming more subdued and large amounts of space scheduled to complete in the following quarter, 4 much of which remains available, availability rates could continue to rise. 2 0 06 06 06 07 07 07 07 08 20 20 20 20 20 20 20 20 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q 7 For all data enquiries call 020 7911 1881 London Offices Market Analysis Asking Rents Asking Rents Asking rents started to show signs of a decline this quarter for new £ (per sq ft) 70 build stock. Following the slowdown of Q4 2007 and the lacklustre start to 2008 in terms of take-up figures the average now stands at 60 £64.36 per sq ft, down from the £64.55 per sq ft of last quarter. 50 Asking rents for secondhand stock have continued to increase 40 slightly to £44.14 per sq ft, up from £41.85 per sq ft last quarter. An increased rent has been released at City Place House, 55 Basinghall 30 Street, EC2 where the rent for the second floor now stands at 20 New Build (existing) £49.50 per sq ft. However, several properties have seen rents fall 10 Secondhand for secondhand space, with asking prices dropping at Vintners Place, EC2 and Cheapside House, EC2, by £2.50 and £5 per sq ft 0 respectively. 06 06 06 07 07 07 07 08 20 20 20 20 20 20 20 20 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q Construction Following the high levels of speculative starts seen over the past Construction Starts with Prelets two quarters, we saw a drop in construction starts this quarter One Lothbury, EC2: with only 690,000 sq ft getting underway, half as much as last 116,000 sq ft gets underway Space (sq ft) quarter.The largest scheme to go under construction, other than 2000000 the Heron Tower, EC2, and 1 Lothbury, EC2, was Frogmore’s 33, 270 sq ft 46-50 St Mary Axe, EC3, which started in February. None 1600000 Speculative of the space that started this quarter has been prelet and with Prelet construction starts looking to return to a high level in Q2, when 1200000 1.46 million sq ft is scheduled to begin, it appears that the market could be swamped with space if preletting activity does not 800000 increase.The largest scheme set to get underway in Q2 will be the 400000 Pinnacle Tower, EC2, where 1.26 million sq ft is expected upon completion in 2011. 0 06 06 Only three schemes completed this quarter, totalling 206,670 sq ft, 06 07 07 07 07 08 20 20 20 20 20 the largest being the 122,300 sq ft Ludgate West, EC4, where 20 20 20 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q 84,270 sq ft was prelet in Q3 2007. Next quarter there is set to be an abundance of completed new or refurbished space on the market with over 2.5 million sq ft due for completion, a huge 2.06 million of which remains available.The largest scheme set to complete is British Land’s 201 Bishopsgate, EC2, where 101,500 sq ft is still on the market. Second to this is DB Real Estate and Canary Wharf Group’s 200 Aldersgate Street, EC1 development where the entire 357,840 sq ft remains available.The remainder of 2008 is set to see 4.1 million sq ft of space complete, with a remarkable 81%, 3.3 million sq ft, of this space yet to be let. With occupier demand currently at a low, the outlook for the remainder of the year appears to be rather bleak.The large volumes of space currently under construction seem to suggest high occupier demand, however, with the City core relying largely on the financial services market, and this area being hit by the current market credit issues, demand for new space may be on the decline.There is now the growing possibility that several schemes will be put on hold until conditions pick up.This has been seen at Land Securities Walkie Talkie Tower, 20 Fenchurch Street, EC3, where construction may not start if the current conditions continue and no substantial prelet is achieved. Elsewhere, work has stopped at Exemplar Properties 93,000 sq ft, 67 Lombard Street, EC3, where the developer is looking for a new funding partner or to sell the site, which it owns with Morgan Stanley Real Estate Fund. Completed Space Actively Marketed Completions with Space Available Space (sq ft) Space (sq ft) 600000 2500000 To Complete Ludgate West, EC4: 500000 Still Available 122,300 sq ft completes Complete 2000000 400000 Still Available 1500000 300000 1000000 200000 100000 500000 0 0 0 6 0 6 0 6 0 7 0 7 07 07 08 08 08 08 08 09 09 09 09 10 10 10 10 11 011 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 2 2 3 4 1 2 3 4 1 1 2 3 4 1 2 3 4 1 2 3 4 1 3 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Investment On a slightly more positive note, investment sales this quarter began to rise for the City core, with 600,000 sq ft of office space being sold across six transactions, up from the 490,000 sq ft seen last quarter. However, this value is still much lower than Q1 2007 where 1.37 million sq ft was sold across 22 schemes. It has become evident that properties are beginning to sell for cut prices as the current pricing correction continues to affect the market.The most valuable deal to go through this quarter was the £145 million sale of 10 Queen Street Place, EC4, where the long leasehold was initially placed on the market for £180 million. A group of private Irish Investors, backed by the Anglo Irish Bank, bought the long leasehold from Morley Fund Management. For all data enquiries call 020 7911 1881 8 West End % +/- % +/- % +/- Take Up Take up (sq ft) Q1 2008 24 months 12 months 3 months West End take up was again disappointing this quarter with figures dropping by 22% on last quarter and 43% New/Refurb existing 67,821 -83.98 -78.03 -63.76 on this time last year.Take up of new or refurbished Premarketing 7,007 n/a n/a n/a stock plummeted by 64% on last quarter. Only five Secondhand 555,391 45.87 -5.02 -4.41 deals of this grade completed with a total of 67,820 sq ft being let.The largest letting to occur was at Victoria Under Construction 57,637 n/a -82.12 -47.04 Central, 111 Buckingham Palace Road, SW1, where Total 687,856 -14.45 -43.42 -21.57 30,930 sq ft was let to Abbey Business Centres on a new sublease from the Pacific Group. Take up of space under construction also declined this quarter and was down by 47% on last quarter.The largest letting to take place in the West End this quarter of space of this grade was at 9 Cavendish Square,W1, where Chevron Texaco took Freshwater’s entire 30,080 sq ft on a prelet at the proposed property, which is due for completion next quarter. Second to this was the 27,560 sq ft letting to Och Ziff at Iona, 40 Argyll Street,W1, where the tenant plans to take occupation in May 2008 once the property completes. Lettings of secondhand stock dropped this quarter, down by 4% on last quarter and 5% on this time last year with only 555,390 sq ft being taken.The largest deal to take place was the letting at 1 Curzon Street,W1, where GLG Partners took 30,330 sq ft and elsewhere, 9 Cavendish Square,W1: 23,500 sq ft was let at Ashdown House, 123 Victoria Street, SW1, to Transport for London on a short term sublease from the Chevron Texaco prelets Government department until December this year. 30,000 sq ft Only one letting of premarketed space took place when serviced office space provider Regus took an additional 7,000 sq ft at Berkeley Square House,W1, where it plans to take occupation in Q4 2008 following the refurbishment from A2 to B1 use. A total of 329,100 sq ft went under offer this quarter, up from the 237,000 sq ft seen in Q4 2007 but down from the 462,850 sq ft of this time last year.The largest single unit to be placed under offer was the 23,120 sq ft seventh floor (south block) at the newly refurbished 55 Baker Street,W1. % +/- ft Sq % +/- Mkt Shr+/- % Supply Supply (sq ft) Q1 2008 24 months 12 months 3 months Supply for the West End market rose slightly this quarter increasing by 5%, bolstered by a 72% increase New/Refurb existing 317,229 -60.71 -26.40 71.56 in new or refurbished stock to the market.The largest addition of this grade of space was at Portman Estates Premarketing 1,671,638 -23.45 -30.14 -9.94 55 Baker Street,W1, which saw a refurbishment of the Secondhand 2,448,293 -31.97 -8.06 2.85 503,565 sq ft property complete. Another large scheme Under Construction 1,479,097 -1.50 28.30 20.48 to complete was Terrace Hill’s 60,210 sq ft Davis House,Wilton Road, SW1, where the entire building Total 5,916,257 -26.88 -10.89 4.73 remains available. Supply of stock under construction also increased, by 20% on last quarter. This increase is largely due to Development Securities’ 349,000 sq ft 2 Kingdom Street going under construction. Elsewhere at Legal & General’s Fortress House, 23 Savile Row,W1, the 91,500 sq ft proposed property went under construction. Supply of secondhand stock increased this quarter, rising by 3% on Q4 2007, with 2.45 million sq ft currently available.The largest new addition to the market was 1 Drummond Gate, SW1, where the Office of National Statistics is set to vacate the 106,000 sq ft property to new premises in Islington in Q2 2008. The West End has seen a slight decrease in supply of premarketed stock this quarter, falling by 10% on Q4 2007, and 16% on this time last year. Newly premarketed stock includes three schemes, the largest of which is Great Capital Partnership’s 52,500 sq ft speculative development at Walmar House, 300 Regent Street,W1, which is yet to have a planning application submitted, but is expected to have a completion date scheduled for early 2009 should permission be given. Following the low levels of withdrawals from the market in the West End last quarter, this quarter has seen a small increase with 30,000 1 Curzon Street,W1: sq ft spread over 10 schemes being taken off of the market.The largest property to be taken off of the market was the 4,930 sq ft second GNG Partners takes floor at 46 Gillingham Street, SW1, following a deal which fell through. 30,000 sq ft Availability Rates Availability Rates The availability rate for the West End continued to increase this quarter, rising to 4.5% from the 4.2% seen last quarter, where it had Availability Rate (%) risen for the first time since Q4 2004. In comparison to Q4 2007, a 12 much higher level of new or refurbished stock completed this 10 quarter with over 158,930 sq ft currently still available.This, coupled with poor take up of this grade, down 64% on last quarter, 8 has resulted in a higher availability rate. However, demand for good 6 quality stock has always been high in the West End and it is expected that this will be absorbed through take up. 4 The number of speculative starts was lower this quarter with only 2 115,010 sq ft getting underway, and 23,250 sq ft of this space has 0 already been prelet. However, there is a large amount of space set 06 06 06 07 07 07 07 08 to complete in Q4 2008, 738,450 sq ft of which is still available.This 20 20 20 20 20 20 20 20 2 3 4 1 2 3 4 1 will need to be taken through increasing take up levels if the Q Q Q Q Q Q Q Q availability rate is to remain at a low level. 9 For all data enquiries call 020 7911 1881 London Offices Market Analysis Asking Rents Asking Rents Asking rents rose for new build stock this quarter and are back to £ (per sq ft) 105 the high levels seen prior to the decline of Q4 2007. A much needed supply of new build space has become available and the 90 average asking rent now stands at £84.25 per sq ft up from the 75 £66.88 per sq ft seen last quarter. A new addition to the market, 60 which has been largely responsible for this increase, is the newly built 65 Grosvenor Street,W1, (former Broadbent House) where 45 the entire 25,000 sq ft property is on the market at a quoting rent 30 New Build (existing) of £135 per sq ft.The building, which is typically favoured by wealth Secondhand management companies, hedge funds and private equity occupiers, 15 had previously been rumoured to have had an offer submitted to 0 the developers in the region of £150 per sq ft during construction. 06 06 06 07 07 07 07 08 20 20 20 20 20 20 20 20 2 3 4 1 2 Asking rents for seconhand stock dropped very slightly this 3 4 1 Q Q Q Q Q Q Q Q quarter, down from £59.20 to £57.40 per sq ft, the first drop for two years.This could be due to the large amount of new stock which has completed, attracting a large amount of attention from 55 Baker Street,W1: occupiers currently seeking high quality space, which the West End market was previously lacking. 23,000 sq ft under offer Construction Construction work began this quarter on five schemes totalling 464,000 sq ft, only 23,000 sq ft of which has been prelet.The largest scheme to get underway was Development Securities’ 2 Kingdom Street, which is being marketed by CB Richard Ellis and Savills. Elsewhere, Derwent London’s 47,260 sq ft Charlotte Building, 16-19 Gresse Street,W1 started, where an agent is yet to be appointed. Of the properties under construction / refurbishment only one has seen any signs of preletting activity.This is the 23,250 sq ft 18-24 Howland Street,W1, which has been entirely prelet to Arup who Construction Starts with Prelets were also in occupation of the previous property on site. Space (sq ft) This quarter has seen six schemes complete, totalling one million 1500000 sq ft with the largest scheme, other than the previously mentioned Speculative 55 Baker Street,W1, being Land Securities’ 50 Queen Anne’s Gate, 1200000 SW1, where 304,720 sq ft completed all of which is let to Ministry Prelet of Justice. 900000 Looking ahead to the rest of 2008, construction work is scheduled 600000 to complete on 2.78 million sq ft, 49% of which is still available.The largest scheme scheduled to complete in the remainder of 2008 is 300000 British Land’s development at Regent’s Place,W1. Other than this there is the 167,000 sq ft scheme at Great Portland Estates 43-55 0 Mortimer Street,W1, due to complete in Q4 2008, where an agent 06 06 06 07 07 07 07 08 2 20 3 20 4 20 1 20 2 20 3 20 4 20 1 20 is yet to be appointed. Q Q Q Q Q Q Q Q Completed Space Actively Marketed Completions with Space Available Space (sq ft) Space (sq ft) 1000000 1200000 To Complete 1000000 800000 Still Available Complete 800000 Still Available 600000 600000 400000 Charlotte Building,W1: 400000 37,000 sq ft scheme 200000 underway 200000 0 0 08 08 08 08 09 09 09 09 10 10 10 10 11 011 06 06 06 07 07 07 07 08 20 20 20 20 20 20 20 20 20 20 20 20 20 2 20 20 20 20 20 20 20 20 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 3 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q Investment Investment sales in the West End saw 653,270 sq ft sold this quarter spread over a total of 21 deals. Despite the number of deals completing being down on the 35% of this time last year, the volume of sq ft sold was up on both last quarter and this time last year.The largest deal to complete was at 2 Kingdom Street,W2, when a 50% stake in the property was sold to Quinlan Private from Morley Fund Management for £100 million. Elsewhere, the freehold at 14 Tothill Street, SW1, comprising of 58,910 sq ft, was purchased by German fund manager Realis for £57.8 million.This was slightly lower than the asking price of £66 million and indicates the possibility that stock in the West End may be overvalued. For all data enquiries call 020 7911 1881 10 Midtown % +/- % +/- % +/- Take Up Take up (sq ft) Q1 2008 24 months 12 months 3 months Midtown saw poor levels of activity this quarter with only 27 deals completing, none of which were prelets, New/Refurb existing 27,692 -4.92 -56.06 -78.49 and take up down by 60% on last quarter and 40% on Premarketing - n/a n/a n/a this time last year.The largest deal to take place was Secondhand 184,946 -40.41 -37.13 -38.44 the 21,230 sq ft letting at New Printing House Square, Gray’s Inn Road,WC1, where an undisclosed occupier Under Construction - -100.00 n/a -100.00 took part of the first floor. Total 212,638 -40.72 -40.47 -59.78 Take up for new or refurbished space is down substantially, by 79% on last quarter. Only two deals of this grade completed totalling 27,690 sq ft, the largest at 322 High Holborn,WC1, where 14,750 sq ft was let to Charter PLC. Take up of secondhand space was also severely down this quarter, dropping by 38% on Q4 2007 and 37% on this time last year. Only 130,000 sq ft was placed under offer this quarter with the largest single unit being the 9,710 sq ft third floor at 1 Plough Place, EC4. % +/- ft Sq % +/- Mkt Shr+/- % Supply Supply (sq ft) Q1 2008 24 months 12 months 3 months New Printing House Square, Supply for Midtown rose slightly, increasing by 7% on last quarter. This increase was largely due to the WC1: 21,200 sq ft let New/Refurb existing 194,310 -42.18 -17.03 1.91 amount of space under construction coming on to the Premarketing 315,224 -67.29 -62.44 -35.38 market, rising by 18% on Q4 2007. The largest scheme Secondhand 1,765,082 -13.75 27.81 13.43 to get underway was the refurbishment at Holbrook Under Construction 1,308,725 54.00 66.77 17.65 House, 14-18 Great Queen Street,WC2, where 106,880 sq ft started, all of which is available, and is due Total 3,583,341 -14.60 10.63 7.06 for completion in Q3 this year. Available secondhand stock has risen this quarter by 13% on Q4 2007 and 28% on this time last year.This increase is largely a result of the 330,000 sq ft now available on a sublease from Sainsbury’s at 33 Holborn, EC1. New or refurbished stock rose slightly, by 2%, with new additions to the market including 127-133 Charing Cross Road,WC2, where 23,630 sq ft is now available. This quarter has seen a decrease in premarketed space, down by 35% on last quarter.This is a result of more space going under construction, with figures up by 18% on Q4 2007. A total of 100,000 sq ft was withdrawn from the market this quarter, including 59,380 sq ft at Halsbury House, 35 Chancery Lane,WC2, where Lexis Nexis Europe remains in occupation. Availability Rates Availability Rates Availability rates for Midtown continued to rise this quarter, and Availability Rate (%) 12 have been since Q2 2007.The rate now stands at 6.5%, up from the 5.75% of last quarter and the 5.29% seen this time last year.This 10 increase is a result of rising supply levels that were not absorbed by 8 take up. 6 Like most markets this quarter, Midtown saw no take up of premarketed space.With 770,000 sq ft due to complete in 2008 and 4 78% of this space still available, activity will need to improve if this 2 increase is going to slow and availability rates are to tighten again. 0 Asking Rents 06 06 06 07 07 07 07 08 Asking rents for new build stock plummeted by £19.08 per sq ft 20 20 20 20 20 20 20 20 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q this quarter, and now stand at £47.25 per sq ft. This decline was largely due to several properties on the market with low level Ray House, EC4: Long rents, including Arundel Great Court,WC2, where the quoting rent leasehold sold for £220 million Asking Rents on the 12,950 sq ft property is £29.38 per sq ft. £ (per sq ft) 70 Asking rents for secondhand space continued to rise and the average now stands at £45.40 per sq ft, up from the £41.70 per sq 60 ft seen last quarter. The average rent has been boosted by newly 50 available space coming on to the market, inlcuding at 33 Holborn, 40 EC1, where a quoting rent of £52.50 per sq ft has been released. This has closed the gap between the average for new build and 30 secondhand space, which is now showing the smallest difference 20 New Build (existing) since Q3 2006. 10 Secondhand 0 Construction 0 6 0 6 06 0 7 07 07 07 08 Midtown saw only one scheme complete this quarter, at Schroder 20 20 20 20 20 20 20 20 Property Funds’ 32,000 sq ft 7 Dials Warehouse,WC2 which 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q Expedia.com took on a prelet last quarter. Construction got underway on three schemes totalling 136,400 sq ft. The largest scheme to begin, other than the previously mentioned Holbrook House, was Bedford Estates 22,530 sq ft development at Bloomsbury House, 74-77 Great Russell Street,WC1, where the entire building remains available. Investment The Midtown investment market was very quiet this quarter with only seven sales completing.The largest single transaction to complete was the sale of the Metropole Building, Northumberland Avenue,WC2, where the freehold was purchased by Istithmar, the Dubai investment fund, for £130 million. 11 For all data enquiries call 020 7911 1881 London Offices Market Analysis Docklands % +/- % +/- % +/- Take Up Take up (sq ft) Q1 2008 24 months 12 months 3 months Docklands was one of only three markets that saw take up figures rise this quarter, which were up by New/Refurb existing - -100.00 -100.00 -100.00 488% on last quarter, and by 517% on this time last Premarketing - -100.00 n/a n/a year.The sole reason for this improvement was in the Secondhand 328,373 2071.35 596.61 518.29 amount of secondhand stock taken, rising by 518% on last quarter.The largest deal to take place was at One Under Construction - n/a n/a n/a Canada Square, where Moody’s Investors Services took Total 328,373 -29.51 516.54 488.47 164,930 sq ft on a new lease at £45.50 per sq ft. Elsewhere De Vere & Company took 33,250 sq ft at 1 Westferry Circus, spread over part of the ground and first floors. No deals of any other grade of space completed. Very little space went under offer this quarter, a total of only 50,000 sq ft.The largest unit to go under offer was at 10 Upper Bank Street, where the 27,000 sq ft 16th floor has gained interest. Supply Supply for the Docklands dropped slightly this quarter falling by 2% on last quarter but up by 9% on this time last year.This decline was a 10 Upper Bank Street, E14: result of a fall in the availability of all building grades, with the exception of space under construction which rose by 16%. New additions 27,000 sq ft under offer to this grade include the 375,000 sq ft 25 Churchill % +/- ft Sq % +/- Mkt Shr+/- % Place, which went under construction in January. Supply Supply (sq ft) Q1 2008 24 months 12 months 3 months of premarketed space fell this quarter by 10% and this was solely due to the increase in the volume of space New/Refurb existing 29,327 -95.85 -91.42 -0.34 under construction and not a result of take up. Premarketing 4,362,636 -44.38 -30.82 -10.06 Supply of secondhand stock also fell this quarter and Secondhand 719,996 -36.45 -18.41 -14.12 was down by 14% on Q4 2007 and 18% on this time Under Construction 3,063,405 39684.48 n/a 16.30 last year.This was due to the huge increase in the amount of space taken this quarter. Total 8,175,364 -15.64 8.57 -2.12 Withdrawn figures for Docklands remained at a relatively low level this quarter with 54,910 sq ft being taken off of the market. At 1 Canada Square, 28,000 sq ft was withdrawn from the market on the 24th floor, with current tenant State Street Bank and Trust Company planning to remain in occupation. Also at this property, 24,950 sq ft on part of the 19th floor was withdrawn. Availability Rates Availability Rates Availability rates continued to tighten this quarter, as a result of Availability Rate (%) greatly improved take up and limited supply levels, and now stand at 12 4.46%, down from the 5.06% of Q4 2007 and 6.87% of this time 10 last year.The outlook for the remainder of 2008 seems to be one of stability with 490,000 sq ft set to complete, 74% of which has 8 already been prelet. 6 Asking Rents 4 Average asking rents for new build stock dropped this quarter 2 falling to £37.25 per sq ft.This is down from the £39 per sq ft seen last quarter but up on the £34.25 seen in Q3 2007.This low value 0 is largely due to only two properties currently quoting rents. 06 06 06 07 07 07 07 08 20 20 20 20 20 20 20 20 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Asking rents for secondhand stock continued to rise this quarter with the average price per sq ft now standing at £29.24 per sq ft, up from the £28.32 per sq ft last quarter.This rise was contributed 20 Churchill Place, E14: Asking Rents to by an asking price of £49.50 per sq ft being released at 1 363,000 sq ft due to £ (per sq ft) Churchill Place and £47.50 per sq ft being released at 10 Upper complete Q4 2008 45 Bank Street. 40 35 Construction 30 Only two schemes went under construction this quarter totalling 25 379,730 sq ft.The only scheme other than the 375,000 sq ft 25 20 Churchill Place to get under way was Oracle Estate’s 4,700 sq ft 15 Canary Quarter, 20 Millharbour. New Build (existing) 10 Secondhand Docklands again saw no schemes complete this quarter.The 5 remainder of 2008 is set to see 490,000 sq ft spread across four 0 properties complete, the largest of which is Prudential’s 363,280 sq 06 06 06 07 07 07 07 08 20 20 20 20 20 20 20 20 ft 20 Churchill Place, all of which is prelet and is due to complete 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q in Q4 2008. Investment Docklands saw no investment sales take place this quarter and little interest shown as no investment opportunities were placed under offer.This may be a sign that investor confidence is at a low and that banks are more reluctant to lend the finances for purchases.There are also very few investment opportunities available in the current market with freeholders worried that asking prices are unlikely to be met and thus deciding to hold on to their assets until conditions pick up.The largest availability is at Arrowhead, 6 Marsh Wall, where the property is available to let or purchase from Ballymore Properties. For all data enquiries call 020 7911 1881 12 City Fringe % +/- % +/- % +/- Take Up Take up (sq ft) Q1 2008 24 months 12 months 3 months Take up for the City fringe rose this quarter by 26% on last quarter and 82% on Q1 2007.This increase was New/Refurb existing 182,615 297.24 298.76 239.12 due to 182,620 sq ft of new or refurbished stock being Premarketing - n/a n/a n/a let, up 239% on last quarter.The largest deal to take Secondhand 267,703 139.11 33.09 -11.87 place, and the sole reason for this increase, was at Milton Gate, Chiswell Street, EC1, where 171,800 sq ft Under Construction - n/a n/a n/a was taken by Addleshaw Goddard.The 25,070 sq ft fifth Total 450,318 185.14 82.36 25.92 floor was also taken but was immediately leased back to freeholder UBS for a term of 3-5 years. Only three other deals completed for this grade of space, all at The Wool House, 74 Back Church Lane, E1. Take up of secondhand stock dropped this quarter by 12% on Q4 2007, but was up by 33% on this time last year.The largest deal to go through was the 45,400 sq ft letting to an undisclosed occupier at Old Truman Brewery, Brick Lane, E1. This quarter saw 117,670 sq ft go under offer, with the largest deal in the pipeline being the 27,890 sq ft on the 8th floor at 1-10 Bishops Square, E1. Apollo Court, E1: Global % +/- Sq % +/- Mkt Shr+/- ft % Supply Tea & Commodities takes Overall, supply levels in the City fringe fell in Q1 2008, 35,400 sq ft Supply (sq ft) Q1 2008 24 months 12 months 3 months down by 5% on last quarter.The largest decrease was New/Refurb existing 344,111 -49.42 -6.47 -28.74 seen for new or refurbished existing stock, declining by 29% on last quarter and 6% on this time last year, as a Premarketing 2,194,049 161.98 99.45 -3.16 result of successful take up. Supply of premarketed space Secondhand 1,611,289 -42.39 -31.21 -4.72 fell by 3% on Q4 2007.This was not a result of improved Under Construction 340,461 20.09 -35.07 25.36 take up as no prelets signed this quarter, but due to four Total 4,489,910 -2.35 3.58 -4.70 schemes completing this quarter, the largest being the 8,990 sq ft Denim Factory, Davenant Street, E1. Supply of secondhand stock also decreased this quarter and was down by 5% on last quarter and 31% on this time last year. Once again this was not a result of improved take up for the quarter, but due to space being withdrawn from the market. Space under construction increased this quarter rising by 25% on Q4 2007 as eight schemes got underway, the largest of which is the 48,440 sq ft development at ISG InteriorExterior’s Nido Spitalfields, 100 Middlesex Street, E1. A total of 53,760 sq ft was withdrawn from the market this quarter, the most notable of which was at Lincoln Place, 50 Farringdon Road, EC1, where Merrill Lynch decided to remain in occupation of the entire 32,000 sq ft building. Availability Rates Availability Rates Availability rates for the City fringe continued to tighten very Availability Rate (%) 18 slightly this quarter as a result of improved take up activity and a 16 reduced level of supply.The current rate stands at 9.30% down 14 from the 10.17% seen last quarter.The rate is however, still the 12 highest across all markets despite the largest letting of the quarter 10 taking place in this market.With 342,000 sq ft of speculative space 8 due to complete this year, preletting activity will have to start if the 6 availability rate is to remain in single figures. 4 2 Asking Rents 0 Asking rents continued to rise for both new build and secondhand 0 6 0 6 0 6 0 7 0 7 0 7 0 7 0 8 stock this quarter. New build stock saw an average increase of 20 20 20 20 20 20 20 20 75 Farringdon Road, EC1: Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 £1.75 per sq ft to £49.00 per sq ft. A new quoting rent was Freehold sells for £9 million released at 1-10 Bishops Square, E1, rising by £2.50 per sq ft to £57.50 per sq ft for the 64,000 sq ft available. Asking Rents Secondhand space has seen an increase of £2.35 per sq ft on last £ (per sq ft) 70 quarter, rising to £32.69, with new quoting rents being released at several properties. One increase was seen at a property quoting a 60 New Build (existing) particularly low rent at 18A Ensign Street, E1, increasing from 50 Secondhand £11.62 per sq ft to £19.50 per sq ft. 40 Construction 30 Work commenced on a total of 132,480 sq ft this quarter spread 20 across eight schemes including Nido Spitalfields, E1.The largest of 10 the four schemes to complete this quarter, other than the Denim Factory, E1, was the 8,290 sq ft South Stable Building, 138 Kingsland 0 Road, E2, where an agent is yet to be appointed. 06 06 06 07 07 07 07 08 20 20 20 20 20 20 20 20 2 3 4 1 2 3 4 1 Q Q Q Q Q Q Q Q Investment Investment activity in the City fringe has been extremely lacklustre with only two deals completing, the largest of which was the £9 million sale of the freehold at 75 Farringdon Road, EC1. Elsewhere the long leasehold at 136 Old Street, EC1, sold for £470,000 to owner occupier Trouble Free I.T. 13 For all data enquiries call 020 7911 1881 London Offices Market Analysis Southern Fringe % +/- % +/- % +/- Take Up Take up (sq ft) Q1 2008 24 months 12 months Take up for the Southern fringe declined by 23% on 3 months last quarter and 52% on this time last year with only New/Refurb existing - n/a -100.00 -100.00 four deals completing in total. No deals of premarketed Premarketing - n/a n/a n/a or new or refurbished stock took place this quarter. Secondhand 44,992 5.34 -67.79 -61.00 Take up of secondhand stock also declined this quarter by 61% on last quarter and 68% on this time last year. Under Construction 50,947 -8.17 n/a n/a The largest deal to complete was the 25,480 sq ft Total 95,939 -2.29 -52.44 -22.99 letting at New City Court, 20 St Thomas Street, where Guy's and St Thomas' NHS Foundation Trust took the space. Elsewhere, 4,000 sq ft was taken by Planning Potential Limited at Magdalen House, 136-148 Tooley Street. A total of 50,950 sq ft of space under construction was taken this quarter, with just one deal completing at 30 Park Street, where Hyde Housing Association took the entire proposed property on a 20 year lease at £42.50 per sq ft.The tenant plans to take occupation later this year, when the building is due to complete. Only 24,970 sq ft was placed under offer this quarter, the majority of which was at New Kings Beam House, where 10,800 sq ft is under offer in total. 30 Park Street, SE1: Entire 51,000 sq ft prelet Supply to Hyde Housing Association Supply levels for the Southern fringe fell slightly this quarter by 3% on last quarter and down by 31% on Q1 2007. Available secondhand stock increased to 478,610 sq ft and included an addition at Harling House, 47-51 Great Suffolk Street, where 13,870 sq ft is now available. Supply of premarketed space has remained % +/- ft Sq % +/- Mkt Shr+/- % the same as last quarter and is down by 13% on this Supply (sq ft) Q1 2008 24 months 12 months 3 months time last year. New or refurbished stock declined this quarter by 19% and space under construction declined New/Refurb existing 27,606 -87.33 -87.84 -18.71 by 100% due to the letting at 30 Park Street. Premarketing 793,954 -39.91 -12.92 0.00 Only 9,450 sq ft was withdrawn from the market this Secondhand 478,608 46.47 128.74 3.28 quarter, spread over three properties, the largest being Under Construction - -100.00 -100.00 -100.00 the withdrawal of the basement floor at New Kings Beam House. Elsewhere the first and second floors Total 1,300,168 -48.03 -31.29 -3.14 were withdrawn at 201 Tooley Street. Availability Rates Availability Rates Availability rates for the Southern fringe increased again this Availability Rate (%) quarter, but at a lower rate than Q4 2007, and now stand at 8 4.91%.This was again due to declining take up for the quarter and 7 although supply levels also dropped, it was not enough to prevent 6 the rate from slackening.With 236,550 sq ft due to complete this year and no space still available the outlook for the Southern fringe 5 market appears to be relatively stable. 4 3 Asking Rents 2 Asking rents for both new build and secondhand stock continued 1 to rise this quarter but again the rate of increase has been 0 subdued. New build stock now has an average quoting rent of 06 06 06 07 07 07 07 08 £48.25 per sq ft up from the £47.50 per sq ft seen last quarter and 20 20 20 20 20 20 20 20 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 average rents for secondhand space increased slightly from the £33.50 per sq ft to £33.69 per sq ft. A new rent for secondhand stock was released at Sea Containers House where the fifth floor 160 Tooley Street, SE1: south unit came on to the market and is now available at a quoting 185,600 sq ft due to Asking Rents rent of £35 per sq ft. complete next quarter £ (per sq ft) 70 Construction 60 New Build (existing) It has again been an extremely quiet quarter for the Southern 50 Secondhand fringe in terms of construction.There have been no new starts this quarter and no properties have completed.The pipeline for the 40 remainder of 2008 remains quite quiet, with 236,550 sq ft due to 30 complete spread over two properties. Both schemes have already been fully prelet, the largest of which is, 30 Park Street.The 20 remaining proposed property, 160 Tooley Street, is estimated to 10 include 185,600 sq ft upon completion and has been entirely prelet 0 to the London Borough of Southwark. Only one start is scheduled 06 06 06 07 07 07 07 08 for the remainder of the year and this is at Sellar Properties 20 20 20 20 20 20 20 20 2 3 4 1 2 3 4 1 580,000 sq ft Shard of Glass development, which saw demolition Q Q Q Q Q Q Q Q start on site this quarter. Investment Only four investment deals completed this quarter.The largest transaction to take place was the sale of the freehold at the currently under construction 160 Tooley Street, from UBS Global Asset Management to a private investor for £135 million. Elsewhere stakes in the Shard of Glass and New London Bridge House were purchased by Qatari consortium, Zijaj for £30 million. For all data enquiries call 020 7911 1881 14 What London Offices monitors Markets City Core: EC1A, EC2M, EC2N, EC2R, EC2Y, EC2V, EC2A (only Finsbury Pavement, Finsbury Square, Appold Street and Chiswell Street), EC3, EC4 (excluding EC4A & EC4Y) City Fringe: EC1M, EC1N (excluding postcode sector 2), EC1R, EC1V, EC1Y, EC2A (excluding Finsbury Pavement, Finsbury Square, Appold Street and Chiswell Street), E1 Southern Fringe: SE1 postcode sectors, 0, 1, 2 & 9 Docklands: E14 Midtown: EC4A & EC4Y, EC1N (postcode sector 2),WC1,WC2 (excluding Leicester Square) West End:W1, SW1, NW1 sectors 2 (Euston Road only), 3, 5 & 6, Leicester Square (WC2) and W2 sectors 1 & 6 Additional Markets South Central: Remainder of SE1 and SE11 North Central: Remainder of NW1 and N1 West Central: Remainder of W2,W6,W8,W14, SW3, SW5, SW6, SW7 & SW10 Data Building Stock: Any office building over 93 sq m (1,000 sq ft) in City Core,West End, Midtown, Docklands, City Fringe and Southern Fringe and over 465 sq m (5,000 sq ft) in North Central,West Central and South Central Availability: Any unit above 93 sq m (1,000 sq ft) in buildings subject to the above stock thresholds Take up: Any unit above 232 sq m (2,500 sq ft) subject to stock thresholds Planning: Any project over 232 sq m (2,500 sq ft) subject to stock thresholds www.egi.co.uk EGi London Offices Estates Gazette Group 1 Procter Street London WC1V 6EU 020 7911 1881 15 For all data enquiries call 020 7911 1881 London Offices Market Analysis Definitions Quarters: For data collation reasons, our quarters run from the 1st of the month to the last day of the 3rd month i.e. 1st January to 31st March; 1st April to 30th June; 1st July to 30th September and 1st of October to 31st December. Some data in this report is given in half years for space reasons. Agency League Tables: The total space disposed by each agent adds up to more than total take-up.This is because space in joint agency deals has been attributed to all agents involved.The market share is each agent’s share of take-up, not the total of all agents.The tables include all completed deals over 93 sq m (1,000 sq ft) within our boundaries (see map) including prelets and excluding space under offer, lease renewals, restructures or investment sales. Availability Rates: Total building stock figures divided by vacant space which is actively being marketed. Neither figures include space under construction or yet to commence construction. Availability: New/Refurb (existing) is a combined total of newly constructed and refurbished space; Premarketing is any space marketed which is yet to commence construction; Secondhand is any space which has previously been occupied; Under Construction is a combined total of refurbishment and redevelopment projects currently under construction. Space under offer is included. Investment properties are not included. Take Up: See criteria and definitions above. Average Asking Prices: An average of asking prices by grade of space by market. Only space available on new leases with a quoting rent is collated. Space under offer has been included. Please note that Secondhand Grade A space is previously occupied units with air conditioning and one or more of raised floors, under floor trunking or perimeter trunking. Investment Sales: Subject to stock thresholds, a total of space sold as freehold, long leasehold or virtual freehold, both for investment and for owner occupation. Construction Starts with Prelets: A total of space commencing refurbishment or redevelopment by quarter with a total of that space prelet.This includes space not on the market. Completed Space Actively Marketed: Simply a total of completed refurbishments and redevelopments being actively marketed by quarter. Includes space let but never occupied. Completions with Space Available: A total of all office space currently under construction by completion date with how much is still available.This includes space not on the market. For all data enquiries call 020 7911 1881 16 Fax back I would like to receive further information about EGi London Offices I would like to receive further information about other EGi research products Name: Job Title: Company: E-mail: Telephone: Address: Fax back to 020 7911 1798 We will use your contact details (name and email address) to provide any services requested by you and to tell you about important changes to these services.These details will be used by us and by businesses within RBI and its associated companies to provide you with information about other services and products and will also be disclosed to third party businesses and advertisers for the same purpose. 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Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by London Offices or EGi for any loss or damage resultant from the contents of this document. As a general report, this document does not necessarily represent the view of EGi in relation of particular properties or projects. Reproduction of this report in whole or in part is allowed with proper reference to EGi’s London Offices.
"Market Analysis Q1 08"