Large London office deals continued in 2021 despite the pandemic, with companies seeking modern and new space for when employees are not WFH
any employers embraced flexible working in 2021, giving staff a mixture of home and office hours during the week. But the office is still alive and well.
There has been plenty of debate around the future of the office and some firms, like Lloyds and HSBC, are looking to slash how much space they have. But a host of big lettings in the capital this year show many companies still consider a physical headquarters important.
Daniel Francis, head of research at property agent Carter Jonas, said: “The top ten central London office transactions of 2021 total more than 1.7 million sq ft. Their common feature is the quality of the space — all the buildings are either pre-let, newly completed, or refitted to grade A standard.”
He added: “This reflects the increasing desire of occupiers to provide outstanding environments for their employees that underpin the return to the office, staff retention, recruitment, wellness and collaboration.
“Occupiers also require high energy efficiency and a low carbon footprint, to meet increasingly ambitious ESG targets.”
As at December 15, these are the biggest central London office deals of 2021 according to Carter Jonas:
Q1: Law firm Latham & Watkins agreed a pre-let for 200,000 square feet at 1 Leadenhall.
Q2: Property agent JLL inks deal for 134,000 square feet at 1 Broadgate.
Q2: Tech and consulting company IBM signed for 132,000 square feet at 20 York Road.
Q2: ITV lines up 120,000 square feet it will take at White City.
Q3: Facebook likes 1 Triton Square, taking 312,000 square feet.
Q3: Flexible workspace provider The Office Group secures 170,000 square feet at King’s Cross Central.
Q3: Law firm Travers Smith takes 158,000 square feet at Stonecutter Court.
Q3: Investment management company T.Rowe Price agrees up to 130,000 square feet letting at 5 Paternoster Square.
Q3: Satellite group Inmarsat in deal for 121,800 square feet at 50 Finsbury Square.
Q4: Law company Allen & Overy inks deal for 254,000 square feet at 2 Broadgate.