Central London Office Market ReportBrexit uncertainty dampens demandQ2 2016

2 | Central London Office Market Report Q2 2016

Central London overview

Ben Burston Head of UK Office Research

Growth expectations revised down following the EU referendum

The UK’s vote to leave the European Union has led to significant political uncertainty, and it is likely that the UK will see slower economic growth in the near term as a consequence. Surveys of business sentiment point to reduced investment intentions as firms take stock of the new political landscape, with retail spending also likely to cool in H2.

The market reaction was initially severe, with steep falls in the value of the pound and in equity markets. However, a swift response from the Bank of England has calmed nerves, and supported a strong recovery in the FTSE 100. The Bank has indicated that it stands ready to cut base interest rates, and this has been reflected in market expectations, helping to drive long term rates to record lows.

Forecasts for UK GDP have been revised down, with the pace of expansion in 2016 and 2017 expected to slip to 1.8% and 1.1% respectively, down on the pace of growth in 2014-15. For the London office market, the impact on the labour market will be a key determinant of performance. While the pace of employment growth is likely to slow, the labour market appears resilient, with the corporate sector in good financial health.

Subdued take-up in Q2Reflecting the impact of the referendum, Central London take-up was down in Q2 with 1.7 million sq ft let across the City, West End and Docklands markets, the lowest level of take-up since Q3 2012. Take-up was well below average in the City and Docklands markets in particular, which saw a lack of large deals relative to recent experience.

Looking ahead, while a weaker economic climate suggests that take-up will continue to be subdued in H2, the underlying level of demand remains high, suggesting the potential for a quick turnaround in leasing momentum once political uncertainty clears. Indeed, stock currently under offer totals 2.8 million sq ft, well above the long term average of 2.2 million sq ft, suggesting that H2 may still see a solid level of take-up.

Supply remains tight but the level of speculative development is rising

Overall Central London vacancy increased to 3.7% in Q2 but remains far below the 10 year average of 5.6%. The increase was most marked in the Docklands where overall vacancy rose to 6.5% following the completion of speculative development at Here East in Stratford. Vacancy also edged up slightly in the City and West End markets.

The amount of speculative space under construction increased further in Q2, rising to 9.6 million sq ft. This will help restore a more normal level of availability over the medium term, without threatening to cause an excess of new supply.

£City yields rise in Q2

Investment market turnover reached £3.6 billion in Q2, an increase on last quarter and in line with the 10 year average, but well below the level of activity seen in 2014-15. The City saw a solid level of activity in Q2, with £2.7 billion traded, underpinned by five deals in excess of £200 million. In contrast, the West End saw a fall in investment volumes and lot sizes were all under £100 million.

In light of the vote to leave the EU, activity is expected to be dampened in the near term by political and economic uncertainty, and a consequent lack of clarity on the impact on market pricing and the implications for occupier demand.

Reflecting this, demand has moderated somewhat, and prime City yields have edged out by 25 basis points to 4.25%, while prime West End yields remain at 3.5%. Investors are likely to be cautious in H2, but London is a renowned safe haven, and the combination of record low long term interest rates and fall in the value of the pound will act to counter the knock to confidence.

Central London Office Market Report Q2 2016 | 3

0500

1000150020002500300035004000

4,000

3,000

2,000

1,000

0Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016

1,888 2,0782,148

1,741

000 sq ft 3,929

2,825

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1.9%

3.1%

2.2%1.8%

1.1%

2013 2014 2015 2016(f) 2017(f)

H1 2016

21% 79%UK investors Overseas investors

(2016)(2016)

Down

22%on H1 2015

£6.3 billion

Take-up

Vacancy rateUK GDP growth

14%

12%

10%

8%

6%

4%

2%

0%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

City West End Docklands

Investment volumes

Prime yields

Q22015

3.6million

sq ft

Q22016

5.3million

sq ft

Q22015

3.3million

sq ft

Q22016

3.8million

sq ft

West End on a year ago

City on a year ago

Speculative under construction

3%

4%

5%

6%

7%West End prime yieldCity prime yield

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Millio

ns sq

ft 4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Mar 16

City West End Docklands/East London

Jun 15 Sep 15 Dec 15 Jun 16

H1 take-up is

34%down on H1 2015

4 | Central London Office Market Report Q2 2016

Key transactions

Lacon London, WC1Tenant: Arriva PlcSize: 26,000 sq ftRent: ConfidentialPhilippa LambertDirectorLondon Agency

South Quay Building, E14Tenant: Guinness World Records and Forsters LLP Size: 8,000 sq ft and 7,000 sq ft Rent: ConfidentialRichard CarsonDirectorLondon Agency

Asticus Building, 21 Palmer Street, SW1Price: Circa £81 millionPurchaser: AXASimon BeckettDirector London Capital Markets

6 Bevis Marks, EC3 Price: £220 million Vendor: Blackrock/AXAPatrick CryerDirectorLondon Capital Markets

“The letting of the 6th floor of Lacon London to Arriva coincided with the building launch, and illustrates the demand for quality buildings, with generous common spaces, at an attractive rental tone. Exterion has also now leased the 7th floor, and these early lettings further illustrate the appeal of Midtown to a broad occupier base, including tech and media occupiers.”

“On behalf of British Airways Pension Fund, JLL let 8,000 sq ft to Guinness World Records and 7,000 sq ft to Forsters LLP at The South Building, E14 in Q2 2016. These transactions contributed to the successful letting of 80,000 sq ft in the last nine months and are testament to the attraction that the high quality refurbishment and the evolving local amenity hold for the varied tenant mix in the building from across Central London.”

“The Asticus Building in Palmer Street, Victoria has been sold by JLL on behalf of Aberdeen Asset Management to AXA Real Estate Investment Management. The sale price in the order of £81 million reflected just under 4% initial yield. Asticus represents first class real estate with a genuine asset management story.”

“6 Bevis Marks, EC3 is a prime City asset almost fully let to a range of strong tenants with a weighted average unexpired lease term of over 10 years. Since acquiring the development opportunity in 2011, JLL’s investment, leasing and management colleagues have worked collaboratively to deliver strong returns for the Vendor.”

Central London Office Market Report Q2 2016 | 5

As a major global financial centre, London benefits from favourable access to the European single market and is also an attractive destination for skilled employees from the European Union. The recent vote to leave the EU has caused uncertainty over whether current trade and migration arrangements will change, impacting the economic outlook. For the City of London, the ability of financial services businesses to clear euro-denominated trading, and offer cross-border financial services in any state within the European Economic Area – the right commonly referred to as passporting – have been called into question in the aftermath of the vote. Furthermore, the ability of London-based businesses to freely recruit employees from across the European Union could also be impacted by the decision to leave the EU.

The long-term impact of Brexit will in turn depend on the nature of the political settlement, and here there is a clear distinction between a ‘soft’ Brexit that retains many of the current features including passporting and ease of recruitment, and a ‘hard’ Brexit that would bring more substantive change. This uncertainty has dampened occupier and investor sentiment, with the potential to impact pricing.

However, the long term growth trajectory of London remains compelling, and there are a number of reasons why we consider that the office market is in a much healthier state than in previous periods when the economic climate has weakened. It is too early to fully assess the impact of Brexit, but we expect the market to be broadly resilient and to see several factors mitigate the impact of weaker sentiment in the second half of the year.

Occupier markets more resilient

• London has seen a sustained period of high take-up over the last three years, and falling supply levels in recent years, with rents rising strongly as a result. Central London vacancy stands at 3.7% at end Q2, lower than at any stage during the market upswing in 2005-07.

Issue to watch:Impact of Brexit on the Central London market

Ben Burston Head of UK Office Research

• There is a more diverse business mix within Central London. While previous peak periods of take-up have been driven by the financial sector, recent years have seen a more diverse mix with the strongest growth coming from the TMT sector, which has expanded into the City as well as the West End in recent years.

• Occupiers have generally been more circumspect in their acquisition of floorspace in recent years, which should mean less scope for sub-lease space to be returned to market in the event that employment growth slows.

Macroeconomic and financial conditions a world apart from 2007• The upswing on recent years has been predominantly driven by

equity capital rather than debt. Average maximum loan-to-value ratios, at around 63% (DeMontfort Commercial Lending report), are much lower than in the period leading up to the financial crisis, when ratios in excess of 80% were commonplace.

• London has seen a substantial influx of new sources of equity capital from all regions, including sovereign wealth funds, insurance companies, global pension funds and private equity funds. This has led to greater diversification of the investor base, which will add resilience, and London remains a key target for many investors wishing to increase their real estate allocations.

• The Brexit vote has pushed long term interest rates to record lows in the UK, with the ten year gilt yield now under 1%, and swap rates also at very low levels. This compares with much higher yields ten years ago, and will act to support pricing in the near term.

A

-

6 | Central London Office Market Report Q2 2016

West End overview

Take-up and demand Take-up reached 672,600 sq ft in 45 transactions in the second quarter of 2016, a 19% fall on the Q1 total and also below the 10 year average of 829,000 sq ft. Take-up was not dominated by a single large deal in Q2, with the largest deal taking place at 66 Wigmore Street, W1 where Schön Klinik pre-let 55,000 sq ft for a rent of £78 per sq ft and a 19 year term. The clinic aims to convert the office space into a medical unit subject to planning permission being granted. Other notable deals included etc.venues who took a relatively large amount of space (43,000 sq ft) at the Riverside Building, SE1 and Dentsu Group who acquired a 10 year assignment lease for which they paid a premium at 20 Triton Street, NW1 (31,600 sq ft) for a rent of £59 per sq ft.

Pre-leasing was not as prevalent in Q2 as it has been in previous quarters and amounted to only 17% of total take-up compared to 47% of total take-up in Q1. Under offers, on the other hand, were very significant in Q2 and at 1.1 million sq ft, they reached their highest level since June 2004. This figure is heavily skewed by Apple who are under offer to take circa 400,000 sq ft at Battersea Power Station, but even if Apple were excluded from the figures, under offers would still be above the 10 year average of 569,000 sq ft.

Overall demand stands at 5.1 million sq ft, above the Q1 total of 4.5 million sq ft and also in line with the 10 year average. The increase was largely driven by active demand which ended Q2 at 4 million sq ft, above the 10 year average of 3.1 million sq ft. Active demand is being boosted by the large Apple requirement but there are also many other large occupiers looking for space in the West End. Some of these larger occupiers are not constrained by lease events however, and can therefore take their time before committing to a deal.

Key active requirements in Q2 include Hearst Magazines UK (90,000 – 95,000 sq ft), Penguin Random House (60,000 – 80,000 sq ft) and Industrial Light & Magic (55,000 – 60,000 sq ft). Despite new requirements coming to the market, there has been evidence of some occupiers withdrawing their offers or reducing their requirements following the Brexit vote.

Examples include GAM who withdrew their offer at Nova South, SW1 where they would have taken circa 55,000 sq ft and EQT who pulled out of 30 Broadwick Street, W1.

Existing and future supply Overall supply increased 5% in Q2 to 3.1 million sq ft. This equates to an overall vacancy rate of 3.4% which remains well below the 10 year average of 4.4%. Grade A vacancy increased from 2.7% to 2.9%.

The volume of space under construction speculatively increased in Q2 to 3.8 million sq ft, compared to 3.2 million sq ft in Q1. Speculative development is 74% ahead of the 10 year average of 2.2 million sq ft and there are several large completions expected in the second half of this year. It remains to be seen whether developments which have not yet started construction will still go ahead as planned following the referendum.

Rents Prime rents in the core were unchanged from Q1 at £120 per sq ft (assuming a 10,000 sq ft floor plate and a 10 year term). It is too early to assess the impact of the referendum on rental levels, but we expect low vacancy in the West End to help support pricing.

Investment volumes and yields Investment volumes reached £819 million in Q2 which is below the Q1 figure of £1.6 billion and also below the 10 year average of £1.4 billion. Key deals include: the acquisition of 184 Shepherd’s Bush Road, W6 by a Middle Eastern sovereign wealth fund from Precis Holdings Limited for circa £97 million, a net initial yield of 4.60% and a capital value of circa £840 per sq ft; 20 Grosvenor Street, W1, which was acquired by a private Middle Eastern investor from Grosvenor for £97 million, at a net initial yield of 3.75% and capital value of £2,243 per sq ft; and the Asticus Building, SW1, which was purchased by AXA from Aberdeen Asset Management for £80.9 million, a net initial yield of 3.98% and a capital value of £1,332 per sq ft.

Prime yields remained unchanged in Q2 at 3.5% for sub £10 million, 3.75% for £10 to £80 million lot sizes and 4% for lot sizes over £80 million.

“ Under offers at highest level since June 2004.”

Amy Birdee Associate Director

Central London Office Market Report Q2 2016 | 7

Victoria 39%

Covent Garden 10%

Take-up

Purchaser type

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

10 year averageUnder offer, o/w pre-letUnder offer

Millio

ns sq

ft

Under offers

Investment volumes

Key deals

Banking & finance 7%

Professional 11%

Service 13%

Manufacturing 5%

TMT 48%

Public & administrative 14%

4.0million

sq fthighest level since

Q3 2012

Active demand

Under construction

Millions sq ft New 10 yr aveRefurbished

2006 20152007 2008 2009 2010 2011 2012 2013 2014

Second hand Pre-let/Under construction

0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2016 to date

2016

2.1 million sq ft

under construction, of which

1.6 million sq ft under

construction speculatively

Q2 2015

£2.1 billion

Q2 2014

£1.3 billion

Q2 2016

£0.8 billion

Soho13%

Fitzrovia9%

The Crown Estate31,000 sq ft£115 per sq ft

1 St James’s Market, SW1

Pre-let deal

BHP Billiton25,000 sq ft£86.50 per sq ft

Nova South, SW1

Pre-let deal

Hikma Pharmaceuticals14,000 sq ft

1 New Burlington Place, W1

47%

13%

40% Private investors/

owner occupiers

Property companies

Institutions

8 | Central London Office Market Report Q2 2016

Take-up and demandCity leasing volumes slowed markedly in the run up to the EU referendum, with 861,000 sq ft transacted across the quarter, 38% lower than the 10 year quarterly average of 1.4 million sq ft, and the lowest quarterly total since Q1 2012. Year to date take-up at the half year point is 2.2 million sq ft, compared to 3.2 million sq ft during the equivalent period in 2015. There were no transactions in excess of 50,000 sq ft completed in Q2, with the largest deal of the quarter at Beaufort House, EC3 where Instant Offices acquired 47,000 sq ft on a short term lease.

Despite the hiatus in the leasing market, the current dearth of supply means prime rents remain well supported, with nine transactions completing in Q2 and rents in excess of £70 per sq ft, including 25,000 sq ft leased to Booking.com, TwentyFour Asset Management and Underwrite Me at the Monument Building, EC3, and 23,000 sq ft to Charles River Associates at 8 Finsbury Circus, EC2. There is a further 1.1 million sq ft under offer, a marginal increase on the Q1 total but below the 10 year quarterly average of 1.3 million sq ft.

Demand remains at a high level, with 11.1 million sq ft of overall demand, well in excess of the long term average of 10 million sq ft, although down 5% on the Q1 level. The referendum came too late to be fully reflected in the end Q2 figures, so these may be impacted by end Q3. The quarterly decrease in demand was driven by an 11% fall in potential demand which ended the quarter at 4.8 million sq ft. Active demand increased marginally to 6.3 million sq ft, 6% ahead of the 10 year quarterly average of 5.9 million sq ft. The banking and finance and TMT sectors account for the largest shares of active demand, both accounting for around 30% of live requirements.

Existing and future supplyOverall supply recovered slightly from the record low recorded in Q1, increasing to 3.9 million sq ft, reflecting an overall vacancy rate of 3.5%, although remains significantly lower than the 10 year quarterly average of 6.5%. Supply is expected to continue to recover in the second half of the year with a further 1.5 million sq ft of speculative space scheduled to complete before the end of 2016.

City overview

James Norton Associate Director

“ Lowest quarterly take-up since Q1 2012.”

Four schemes totalling 358,000 sq ft completed in Q2: 8 Finsbury Circus, EC2 (148,000 sq ft) and The Monument Building, EC3 (87,000 sq ft) where around half of the space has been pre-leased; the refurbishment of The Salters Hall, EC2 (23,000 sq ft) which is under offer to a single occupier; and 1 King William Street, EC4 (100,000 sq ft) which completed speculatively. New build supply increased marginally due to the inclusion of remaining space at 8 Finsbury Circus, EC2 but remains highly constrained with just 562,000 sq ft of available space, equating to a vacancy rate of 0.5%, well down on the 10 year average of 1.7%.

RentsThe result of the EU referendum has clearly had an impact on occupier sentiment but the lack of transactional evidence in the aftermath means it is too early to make any revision to prime rents. City prime rents and incentives remained unchanged in Q2 at £70 per sq ft and 20 months rents free, on an assumed 10 year term. Rents and incentives may come under pressure in the short term due to slower leasing volumes and occupiers seeking greater lease flexibility, although the impact will be mitigated somewhat by the low vacancy rate.

Investment volumes and yieldsNotwithstanding the uncertainty surrounding the referendum, the investment market saw very strong turnover of £2.7 billion in Q2, more than double the Q1 total and ahead of the 10 year quarterly average of £1.9 billion. The largest deal in Q2 involved ENPAM, the pension fund for medical professionals in Italy, making its debut acquisition in London by purchasing a 50% stake in Principal Place for £382 million, reflecting a net initial yield of circa 4% and a capital value of £1,210 per sq ft.

Prime yields moved out 25 basis points to 4.25% for all lot sizes. In the absence of significant post Brexit transactional evidence it remains too early to assess the impact of the referendum on pricing, but it is clearly a situation that will be monitored closely during the third quarter.

Central London Office Market Report Q2 2016 | 9

Take-up

Q2 2016 take-up

861,000sq ft

Lowest quarterly total since Q1 2012

Under offer

1.1million

sq ft

Vacancy Key deals

Q2 2016

£2.7billion

Q2 2014

£1.7billion

14% 86%UK investors Overseas investors

Q2 2015

£2.4billion

Active demand

TMT 31%

Banking & finance 26%

Professional 14%

Public & administrative 7%

Manufacturing 4%

Service 18%

Q2 20157.4

million sq ft

Q2 20166.3

million sq ft

10 year average5.9

million sq ft

Speculative under construction

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Millions sq ft New 10 yr aveRefurbished Second hand Pre-let/Under construction

14%

12%

10%

8%

6%

4%

2%

0%2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

New Overall

5.2 million sq ft

Speculative development 2016-2019

Eastern City (EC3) 32%

City core 14%

Shoreditch 15%

Midtown 12%

Investment volumes

Charles Stanley & Co

46,000 sq ft£53 per sq ft

55 Bishopsgate, EC2

Capital One28,000 sq ft

£55 per sq ft The White Collar

Factory, EC1

Pre-let deal

Booking.com9,500 sq ft

£70.50 per sq ft The Monument Building, EC3

Pre-let deal

10 | Central London Office Market Report Q2 2016

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Q2 2016

£ per sq ft

£35

£38

£41

£44

£47

£50Q4 2015

£45.00 psf

Q1 2016

£47.50 psf

Q2 2016

£47.50 psf

Docklands & East London overview

Take-up and demandTake-up reached 125,000 sq ft in Q2 across nine transactions, lower than both the Q1 total of 407,000 sq ft, and the 10 year quarterly average of 324,000 sq ft. The 40,000 sq ft leased to media intelligence company Gorkana at 5 Churchill Place, E14 was the largest transaction of the quarter. Other notable transactions completing in Q2 included: 33,000 sq ft acquired by AMEC at 25 Canada Square, E14; 10,000 sq ft leased to Booking.com at Exchange Tower, E14; and 15,000 sq ft leased to Guinness World Records (8,000 sq ft) and law firm Forsters LLP (7,000 sq ft), both at South Quay Building, E14. There is currently 660,000 sq ft under offer, an 8% decrease on the Q1 total but more than double the 10 year average of 307,000 sq ft.

Overall demand decreased 6% to 4.1 million sq ft but remains significantly higher than the 10 year average of 2.7 million sq ft. Active demand currently totals 3.2 million sq ft with the banking and finance, TMT and public administration and institutions sectors each accounting for around 30% of this total.

Existing and future supply Overall supply increased 43% to 1.4 million sq ft, compared to 1 million sq ft at the end of Q1, largely due to the inclusion of 285,000 sq ft of refurbished space at Here East, Stratford which completed in Q2. As a result the overall vacancy rate increased from 4.6% to 6.5%, now broadly in line with the 10 year average. Following the completion of Here East, there are now two schemes under construction in East London: the refurbishment of 159,500 sq ft at Columbus Building, Westferry Circus, E14 which is scheduled to complete in Q3 2016; and 5 Bank Street where the remaining 360,000 sq ft is scheduled to complete in Q1 2019.

Rents Prime rents in Canary Wharf, the benchmark for East London, remained unchanged at £47.50 per sq ft. Albeit there remains a three tiered rental market, with tenant controlled tenant stock available at a slight discount and new build pre-let stock in excess of £50 per sq ft.

Investment volumes and yieldsThere was a single investment transaction in Q2: 17 Columbus Courtyard, E14 which is single let to Credit Suisse International with circa 9 years remaining off a rent of £33 per sq ft. The asset was purchased by HNA Group (their second acquisition in Canary Wharf) for £131 million, reflecting a net initial yield of 4.60% and capital value of £670 per sq ft.

Take-up

Active demand

Banking & finance 30% Public & administrative 30%

Professional services 4%

TMT 27% Manufacturing 5%

Service industries 4%

Active demand

3.2 million sq ft

10 year average 1.6m sq ft

Prime rents

000 sq ft

0500

100015002000250030003500

10 year averageUnder offerTake up

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Supply

10 year average

6.6%Overall supply

6.5%Garde A supply

6.1%10 year average

5.8%

Central London Office Market Report Q2 2016 | 11

Rental conditions in Central London

£109.98£70.00

FITZROVIA

MAYFAIR

VICTORIA

BELGRAVIA &KNIGHTSBRIDGE

KENSINGTON & CHELSEA

HAMMERSMITH

PADDINGTON

MARYLEBONE,EUSTON& KING’S CROSS

SOHO

BLOOMSBURY

CAMDEN

CLERKENWELL

SHOREDITCH

DOCKLANDS

STRATFORD

NORTHERN

CITY CORE

EASTERN

ALDGATE

BATTERSEA

VAUXHALL

WATERLOO

SOUTHBANK

SOUTHERN

WESTERNCITYMIDTOWN

NORTH OFOXFORD STREET

ST. JAMES’S

COVENTGARDEN

£73.77£50.00

£101.72£67.50

£100.61£70.00

£100.61£70.00

£90.80£67.50

£90.56£62.50

£96.75£67.50

£84.97£60.00

£81.75£57.50

£179.04£120.00

£119.02£80.00

£78.77£55.00

£137.85£85.00

£82.16£56.00

£95.45£65.00

£179.04£120.00

£144.51£95.00

£110.21£75.00

£131.05£87.50

£125.21£90.00

£105.56£77.50

£79.97£55.00

£116.59£79.00

HYDE PARK

REGENT’SPARK

£98.11£67.50

£85.91£65.00

£100.61£70.00

PRIME RENTS

OCCUPANCY COSTS

£57.10£40.00

£73.18£47.50

Leasing

Neil Prime Director Head of Central London Markets +44(0)20 7399 5190 neil.prime@eu.jll.com

Adrian Crooks Director Central London Agency +44 (0)20 7399 5135 adrian.crooks@eu.jll.com

Dan Burn Director Central London Agency +44 (0)20 7399 5966 dan.burn@eu.jll.com

Capital Markets

Julian Sandbach Director Head of London Capital Markets +44 (0)020 7399 5973 julian.sandbach@eu.jll.com

Damian Corbett Director Central London Capital Markets +44(0)20 7399 5286 damian.corbett@eu.jll.com

Chris Northam Director Central London Capital Markets +44(0)20 7399 5826 chris.northam@eu.jll.com

Research

Jon Neale Head of UK Research UK Research +44(0)20 7852 4685 jon.neale@eu.jll.com

Ben Burston Head of UK Office Research UK Research +44 (0)20 7399 5289 ben.burston@eu.jll.com

Alex Hodge Associate Director UK Marketing +44(0)20 7399 5735 alex.hodge@eu.jll.com

Contacts

jll.co.uk

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