South East Offices Review Q4 2019
- Steady leasing activity continued in the final quarter of 2019 reaching 663,970 sq ft across the South East, 11% down on the five-year quarterly average. This brings 2019 take-up levels to 2.5m sq ft, down 26% on the previous year and 16% below the five-year annual average (2014-18).
- The largest deal to complete in Q4 2019 was L’Oreal’s 120,000 sq ft acquisition at Gateway Central, White City Place. Another notable deal was Maersk taking 37,544 sq ft at Mallards Reach, Bridge Avenue.
- South East office investment volumes continued to see q-o-q increases with Q4 2019 reaching £865m, the highest quarterly level recorded this year. This brings total 2019 volumes to £2.54bn, just 9% down on 2018.
- As at end 2019 investment volumes has been driven by UK Institutions (31%) and Local Authorities (17%) accounting for half of all purchases. Overseas investors have remained relatively active accounting for 17% of transactions.