Get documents about "MIDTOWN OFFICE See London Commercial Property
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201
LONDON
STOCK EXERCISE
MIDTOWN METHODOLOGY
Accuracy is everything in our industry. After 20
years of collecting data on London's commercial
OFFICE property we decided it was time to look at the city
with fresh eyes, and to map the entire market,
building by building.
A team of expert field researchers was deployed
across London for 21 weeks to verify every
building for which we had a record in our
database. This totalled 25,500 buildings.
As they stood in front of each building, they were
tasked with collecting the following information:
•Primary/secondary use
•Address
•Class
•Status
•Coordinates
•Number of floors
•Gross building area
•Net internal area & breakdown
•High resolution images
The latest technology was deployed to make this
effort possible, as we connected each field
researcher to our central database, facilitating
WWW.COSTAR.CO.UK over 100,000 real-time changes.
LONDON STOCK EXERCISE 2010
Midtown Office Market
The total office stock of Midtown is 35.6 million sq
Central London Office Stock
ft, compared to 74.8 million sq ft in the City and 60.0
million sq ft in the West End. Midtown comprises Total Stock = 188.5 million sq ft
19.1% of the entire Central London stock.
Holborn is the largest submarket in the area, City 74.8
accounting for 41% of the stock. Clerkenwell, in the
north-eastern corner of Midtown, is the smallest
submarket with 5.7 million sq ft.
West End 60.0
A little over 40% of all stock in Midtown is to be found
in buildings of greater than 100,000 sq ft. Buildings
under 15,000 sq ft make up 18% of stock.
All of the buildings to have been given a BREEAM Midtown 35.6
rating to date have achieved the rating of “Excellent”.
Central Saint Giles is prominent among them.
The average Midtown vacancy rate of 12.2% is 130 Docklands 18.0
basis points higher than that of Central London.
However, vacancy rates differ widely between
0 20 40 60 80
submarkets in Midtown. Bloomsbury and Holborn sit Stock millions sq ft
below the Central London average, at 7.6% and
Source: CoStar As at June 2010
10.7% respectively, whereas Clerkenwell has 20.1%
of its stock vacant.
Midtown Office Stock v Vacancy Central London Office Stock – Submarkets
Stock millions sq ft Vacancy Rate %
West End City Midtown Docklands
16 25
Mayfair
14 Westminster
20 Noho
12 Marylebone
Victoria
10
15 Soho
8 St James
Knightsbridge
10
6 Paddington
City Core
4
5 City Fringe
2 Holborn
Bloomsbury
0 0 Covent Garden
Clerkenwell
Holborn
Bloomsbury
Clerkenwell
Covent Garden
Dock Core
Dock Fringe
0 20 40 60
Stock Vacancy Rate
Stock millions sq ft
Source: CoStar As at June 2010 Source: CoStar As at June 2010
WWW.COSTAR.CO.UK 2
201
REAL ESTATE
MARKET ANALYSIS
Get in Touch With CoStar
For more information please contact our analytics team:
Simon Marx
0207 009 2974, smarx@costar.co.uk
Sotiris Tsolacos
0207 009 2962, sotiris.tsolacos@pprglobal.com
Cover image by Jennifer Galler – CoStar Field Researcher
Every effort had been made to ensure the accuracy
of the information held within this report. The
publisher cannot accept liability for any loss /
damage which may arise as a result of any error or
omission of any data. Any data reproduced from
this analysis must be accredited to CoStar.
