london office crane survey appetite for construction · london office crane survey 15 2015 sees a...

London Office Crane Survey Appetite for constructionSummer 2015

Contents

The report 1

Key findings 2

Submarket snapshots 4

Crane Survey results 13

Outlook 20

Development table 28

Contacts 34

London Office Crane Survey 1

The report

Where?London, covering the central office markets: City, West End, Docklands, King’s Cross,Midtown, Paddington and Southbank

What?A report which measures the volume of office development taking place across central London and its impact

How?A team of researchers have walked every street in central London to monitor office construction. Our field research is thenverified with direct industry links and in-house property experts

Who?Developers building new offices or undertaking significantoffice refurbishment of 10,000 sq ft +

When?1 October 2014 to 31 March 2015

Key findings


Key findings

Outlook

2015 willsee belowaverage level of completions

Demolition level at 5.1 million sq ft

Continued flowof new starts in the short-term

Mix of developersto shift towardsinstitutions overnext five years

Greater location flexibility:emergence ofnew markets

Construction activityforecast to rise

Fourteen months of supply is currentlybeing built

Crane Survey results

Nearly half the spaceleased is taken bythe TMT sector

6.3 million sq ft of new office space completed in 2014, a ten year high

Office construction is up24% over the past six months

to 9.5 million sq ft

31 schemes have started: totallingthe second highest volume of space started in 20 years

37% ofspace underconstructionis already let 14

months

4

Submarket snapshots


Which sector is currently taking the most space?

Average size of a scheme

Number of new construction starts

Central London office development pipeline

Total amount completed this survey Total amount of space under construction which has been let

131,000 sq ft

Average size of a floor

Number of cycle spaces being built

13,000 sq ft

9,089

Total amount under construction

2.6 million sq ftacross 22 buildings

Million sq ft

Completed u/c available u/c let

0

2

4

6

8

10

20182017201620152014201320122011201020092008200720062005200420032002

TMT

19

31

Highest

Lowest

37(2007)

4(2010)

10 year average

Today

Volume of new space is at its highest since 2011

37%let

0% 100%

Construction is up by 24% from six months ago.

Today: 9.5 million sq ft

Lowest5.9 million sq ft (2010)

Highest19.5 million sq ft (2002)

Submarket snapshotsCentral London

6

Which sector is currently taking the most space?



City office development pipeline

188,000 sq ft


Number of cycle spaces being built

15,400 sq ft

4,025


Total amount completed this survey

1.4 million sq ftacross 7 buildings

Total amount of space under construction which has been let

48%let

0% 100%

Million sq ft


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

20182017201620152014201320122011201020092008200720062005200420032002

TMT

7

10

Highest

Lowest

20(2007)

0(2010)

10 year average

Today

The number of new starts is the same as six

months ago

Construction volumes have risen by 8%.




Submarket snapshotsThe City


Submarket snapshotsWest End


72,400 sq ft

Which sectoris currentlytaking themost space?


10,200 sq ft

Number of cycle spacesbeing built

2,684

West End office development pipeline

Number of new construction starts Total amount under construction


443 thousand sq ftacross 9 buildings


Million sq ft


0.0

0.5

1.0

1.5

2.0

2.5

20182017201620152014201320122011201020092008200720062005200420032002

Construction volume up 24%.




2

8

11

Highest

Lowest

13(2011)

(2009)

10 year average

Today

Largest volume of new construction and new starts since 2011

16%let

0% 100%

Corporate

8

Submarket snapshotsDocklands


688,000 sq ft



26,400 sq ft


864

Docklands office development pipeline


0%let

0 %available



0 sq ftTotal amount of space under construction which has been let

Million sq ft


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

20182017201620152014201320122011201020092008200720062005200420032002

Construction returns to Canary Wharf.

Today: 0.7 million sq ft Lowest

0 million sq ft (2014)


0

Highest

Lowest

1(2012)

(2014)1

1

10 year average

Today

First new start since 2012

41%let

0% 100%

Financial


Submarket snapshotsKing’s Cross


94,000 sq ft

Which sectoris currentlytaking themost space? TMT


10,300 sq ft


386

King’s Cross office development pipeline



370 thousand sq ftacross 1 building


0

Highest

Lowest

4(2012)

(2014)2

3

10 year average

Today

Highest volume of newconstruction since

2013

Despite three new starts, construction volumes are down by 5%.


Lowest0 million sq ft (2011)


Million sq ft


0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

20182017201620152014201320122011201020092008200720062005200420032002

43%let

0% 100%

10

Submarket snapshotsMidtown


126,000 sq ft



14,000 sq ft


866

Midtown office development pipeline



352 thousand sq ftacross 4 buildings


Million sq ft


0.0

0.2

0.4

0.6

0.8

1.0

1.2

20182017201620152014201320122011201020092008200720062005200420032002

Construction volumes up by 44% in six months.




0

6

Highest

Lowest

8(2013)

(2010)

Today

Largest volume of newconstruction in over

fifteen years

3

10 year average

Professional

41%Let

0% 100%


Submarket snapshotsPaddington

0


93,000 sq ft



5,000 sq ft


100

Paddington office development pipeline


Highest

Lowest

2(2006)

(2014)1

0

10 year average

Today



0 sq ftTotal amount of space under construction which has been let

0% 100%

Million sq ft


0.0

0.1

0.2

0.3

0.4

0.5

0.6

20182017201620152014201320122011201020092008200720062005200420032002

Construction volumes remain at the same level.


Lowest0 million sq ft (2014)


N/A

12

Submarket snapshotsSouthbank


220,000 sq ft



21,700 sq ft


164

Southbank office development pipeline



50 thousand sq ftTotal amount of space under construction which has been let

Million sq ft


0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

20182017201620152014201320122011201020092008200720062005200420032002

Construction volumes continue to fall close to the2010 low point.

Today: 0.2 million sq ft Lowest

0.1 million sq ft (2010)


0

Highest

Lowest

2(2012)

(2013)1

0

10 year average

Today

The second survey in a row that no new starts

have been recorded

across 1 building

0% 100%

N/A


Crane Survey results

Crane Survey results Construction volumes up

The total volume of office space under construction risesThe results of the latest Crane Survey reveal that the volume of office construction in central London has increased by 24% over the past six months, to 9.5 million sq ft. While this figure is below the recent peak reached in 2013, it just exceeds the 10-year average of 9.2 million sq ft and comes at a time when the amount of available office space across central London has fallen to its lowest level in seven years.

Office construction is spread across the London submarketsThe growth of construction has been spread across all but two (Southbank and Paddington) of the London submarkets. The biggest increases have been in Midtown and the West End, with activity up by 44% and 24% respectively. However, the City market continues to make up nearly half (48%) of total construction.

0.4King’sCross

1.3Midtown

0.1Paddington

0.7Docklands

0.2Southbank

2.3West End

4.5City

9.5Total

Total volume under construction by submarketMillion sq ft

Total volume under construction per survey – central LondonMillion sq ft

2011

Q3

2012

Q1

2012

Q3

2013

Q1

2013

Q3

2014

Q1

2014

Q3

2015

Q1

2011

Q1

2010

Q3

2010

Q1

2009

Q3

2009

Q1

2008

Q3

2008

Q1

2007

Q3

2007

Q1

2006

Q3

2006

Q1

2005

Q3

2005

Q1

2004

Q3

2004

Q1

2003

Q3

2003

Q1

2002

Q3

2002

Q1

0

2

4

6

8

10

12

14

16

18

20

14


2015 sees a noticeable increase in new startsThe increase in new starts reported in our winter 2014 Crane Survey has been exceeded in the latest results: 31 new schemes have started in the six months to the end of March 2015, adding 4.4 million sq ft to the pipeline. This is the greatest volume of space to start since 2011 (the year in which three of the largest towers in the City began development) and the second highest in the past 20 years.

The City has once again fuelled the growth, with ten new buildings starting on site, accounting for 39% of all the new space recorded in this survey. In Midtown and Docklands, where no new activity was reported in our previous survey, there were six and one new starts respectively, adding a combined 1.4 million sq ft to the pipeline. The West End has seen 11 new starts, the most since 2013 and the largest volume of space since 2011, with 0.9 million sq ft starting. New activity continues to elude the Southbank, which has seen no new starts for the second survey in succession.

Who is developing the space?As we previously predicted, following a raft of completions over the past six months, a shift in the mix of developers has started.1 Property companies now account for 50% of the space under construction, down from 60% in our last survey. In contrast, institutions are responsible for two-thirds of the new space in the survey, kick-starting this latest increase in development. The list of top ten developers (ranked by volume of space under construction) has already changed, and it will continue to evolve as developers gear up for the next phase of construction.

Average volumeof new starts

Volume of new starts per survey – central LondonMillion sq ft

Source: Deloitte Real Estate

2011

Q3

2012

Q1

2012

Q3

2013

Q1

2013

Q3

2014

Q1

2014

Q3

2015

Q1

2011

Q1

2010

Q3

2010

Q1

2009

Q3

2009

Q1

2008

Q3

2008

Q1

2007

Q3

2007

Q1

2006

Q3

2006

Q1

2005

Q3

2005

Q1

2004

Q3

2004

Q1

2003

Q3

2003

Q1

2002

Q3

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Developer Rank

Land Securities 1

Brookfield 2

Canary Wharf 3

Stanhope 4

Blackstone 5

WRBC Development 6

Derwent London 7

Oxford Properties 8

King’s Cross Central Limited Partnership 9

Bloomberg 10

Top 10 developers by office space under construction across Central London

1 London Office Crane Survey, Winter 2014, Deloitte LLP

16

Completions reach the highest level in ten years2.6 million sq ft of space was completed in the six months since our last survey. This reflects the completion of the final wave of schemes that began in 2010-11, during the initial stages of economic recovery. Our last survey indicated that 2014 would see a ten-year high in completed space, and our data now confirms this: 6.3 million sq ft was completed, the most since 2003. Of this, 53% was let prior to completion, demonstrating the continued high demand from tenants for new space.

Delivery in 2015 will be much lower than in 2014. At 3.4 million sq ft, our current estimate is 20% below the ten-year average annual level for completions. The next significant increase will be in 2016, when over half (52%) the new starts recorded in this survey are due to complete.

The rise in development brings new letting opportunitiesOf the total 9.5 million sq ft under construction, 6 million sq ft is available to let. This is a higher share of total activity than in our previous Crane Survey. However, the increase is due to a rise in speculative development, rather than a decline in leasing. In fact, there has also been an increase in the volume of let space under construction: this currently stands at 3.5 million sq ft, up from 3.1 million sq ft six months ago.

Largest building to havecompleted in this survey

5 BroadgateCity: 700,000 sq ft

Let sq ft Available sq ft

City 4,515,000 2,169,500 2,364,000

West End 2,310,000 370,000 1,940,000

Docklands 688,000 280,000 408,000

King’s Cross 376,000 163,000 213,000

Midtown 1,259,000 519,000 740,000

Paddington 93,000 0 93,000

Southbank 220,000 0 220,000

Total 9,461,000 3,501,500 5,960,000

Summer 2015 – Office space under construction

Change since last survey

-5%

0%

0%

0%

-19% -19%

24%

44%

24%

26%

22% 31%

60%

100% 100% 100%

719%

8%

-56%

53%

3%

0%

20%

14%

Total sq ft


No slowdown in occupier activity as TMT tenants fuel lettingsOf the 3.5 million sq ft of space under construction that has been let, nearly half (49%) has been to TMT occupiers – more than the financial sector, which now accounts for 25%, but has often dominated leasing in previous surveys. These two business sectors are driving the demand for new space. There has been an increase in the professional sector (to 8%) but this is attributable to just one deal.

Deloitte Real Estate’s recent London Business Footprint series, which explores the evolution of office occupation across central London by business sector since 2004, shows that tenants are now more willing to move to different submarkets and also highlights how the financial and TMT business sectors are fuelling new development.

Largest new speculativescheme under construction

1 Angel CourtCity: 300,000 sq ft

Percentage of spaces let by sector

Insurance

2%Government

4%Corporate

5%Legal

5%Financial

25%TMT

49%Professional

8%Other

1%Largest new start

1 Bank StreetDocklands:688,000 sq ft

18

Tenants take the opportunity to upsizeBusinesses are trading up in size when taking new space. Of the leasing deals recorded for schemes under construction, almost all involve businesses taking extra space to facilitate expansion. As noted in our previous surveys, even those that are moving from multiple offices to one location are increasing their footprint. In this survey these tenants have moved from a combined total of 2.0 million sq ft to 3.5 million sq ft. We have identified just one occupier that is consolidating multiple offices into a smaller space.

of space has been letduring construction

37%

Reason for occupier movement


54%

7%

36%

More space

Consolidation – more space

Consolidation – less space

New entrant

4%

Tenants are moving from a combined 2.0 million sq ft to 3.5 million sq ft

2.0m sq ft

3.5m sq ft


The City strengthens its attraction for tenantsThe latest data for leasing transactions on space under construction shows that the City and Midtown continue to attract both tenants who are already present in the market and also new entrants. Five more businesses have chosen to locate within the EC postcodes and two new firms will move to the Midtown area. Our research shows, in comparison, that there was a net increase of just one new firm in the West End, Docklands and King’s Cross.

Movedin

5Moved

out

1Stayed

12Net

submarket deals

16Total

numberof deals

18Moved

in

1Moved

out

3Stayed

3Net

submarket deals

1Total

numberof deals

7Moved

in

1Moved

out

0Stayed

0Net

submarket deals

1Total

numberof deals

1Moved

in

1Moved

out

0Stayed

0Net

submarket deals

1Total

numberof deals

1Moved

in

2Moved

out

0Stayed

3Net

submarket deals

5Total

numberof deals

5

Tenant movement

West End

Docklands

King’s Cross

Midtown

City

20

Outlook


OutlookThe next five years

Overview• Recent Crane Surveys have highlighted the fact that

at current levels of activity, the delivery of new office space will fall to low levels in the short term.

• This Crane Survey shows that developers have responded to the opportunity this creates by starting work on a significant volume of new space.

• This increase in activity has come too late to alter the delivery of space in 2015 by much. The slight uplift in 2015 is mainly the result of schemes originally due to complete in 2014 shifting delivery date.

• However, it is a different story for 2016, 2017 and 2018. The rise in new starts identified in this survey means that the volume of space under construction and due to complete in these years has now started to increase.

• In addition to the buildings under construction we also track schemes that are progressing through the pre-development process, but that have not yet started on site.

• The latest Crane Survey results, combined with our analysis of these future schemes and their likely completion dates, currently indicate that the supply pipeline has started to rise and that delivery may exceed the long-run average in 2017-18.

Average Grade Atake-up

Central London development pipelineMillion sq ft


0

2

4

6

8

10


2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

22

Current market conditions still suggest a short-term supply shortage…The ramping up of new developments over the last six months has come too late to significantly alter the delivery of new space in 2015. Only a limited amount of new office supply is due to be delivered in the rest of 2015, and of this a sizeable proportion is pre-let.

Meanwhile demand has been recovering: the volume of space let in 2014 was the highest since 2006, and while take-up of Grade A space did not quite reach a new high, it was (at 5.3 million sq ft) 10% above the long-term annual average.

Grade A vacancy levels in many parts of the market have fallen to very low levels. The slowdown in development during the economic downturn meant that the availability ratio across central London has gradually fallen from a peak of 10.1% in 2009 to the current level of 4.9%.

London’s economy has proven resilient and there has been strong growth in employment and business output since the downturn. Indeed, the Deloitte CFO Surveys during 2014 show that the risk appetite of major businesses increased and the inclination to increase capital expenditure and expansion also rose in prominence. While the CFOs’ latest responses towards these strategies decreased at the beginning of the year owing to the uncertainty surrounding the General Election, the prospect of a possible exit from the European Union, and continuing regulatory change in the financial markets, 60% of CFOs remain in an expansionary mood.2

… leading to a further period of rising rentsGiven the short-term supply shortage and recovering demand, it is not surprising that our rental forecasts suggest a period of further increases, as tenants are forced to compete harder for available space. The increase that we predict over the next 12 months will not only send a strong signal to developers; it may also potentially improve the financial viability of developments.

2 Deloitte CFO Survey Q1 2015, Deloitte LLP


Developers continue to gear upSix months ago we commented on the low supply of committed development post-2015, which created a window of opportunity for delivering schemes. The almost record levels of new starts shows that this opportunity has not been overlooked by developers.

There are reasons to expect more new starts in the short term. Developers are continuing to ready additional sites for construction, with demolition or site preparation being undertaken for schemes totalling 5.1 million sq ft. Our in-house database that tracks all office schemes across central London (from proposals through to permission, demolition and then construction) shows that this is a marginally lower volume than six months ago. However, this ignores the ‘churn factor’. A large number of schemes have moved from demolition in our last survey to construction in this one; so the fact that demolition levels have remained more or less the same is an indication of the pace at which developers are continuing to prepare sites.

The balance tilts back to office from residential We have noted in previous Crane Surveys that some potential office schemes have been converted to residential developments, driven by rapid rises in the value of prime central London residential locations.However this dynamic is changing. The rate of growth in residential values has slowed down while office rents and values have risen. Schemes where, 12 months ago, developers would have sought to gain consent for residential use, are once again being considered more attractive as office developments. We expect this trend to reduce the number of sites lost to non-office development.

5.1Demolition levels are at

million sq ft

24

The mix of developers continues to shiftAs expected, we continue to see a slow shift in the mix of developers active in the market. While property companies still to account for half of the space under construction, the prominence of REITs within this sector has started to decline: in our Winter 2014 survey, they accounted for 32% of current construction, while today their share has fallen to 21%. Institutions now account for 40% of developments, largely as a result of the new schemes that have recently started.

Looking further ahead, our data suggests that this shift will continue. Our database shows that private property companies and institutions will play a prominent role in development over the next five years, accounting for 68% of the development in our pipeline.

Potential share of construction volume by type of developer, 2016-19


Institutions

Public Property Company Owner Occupier Local Government

Private Property Company REIT

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%


Potential for new supply to exceed long term average levelsCurrently there is just 2.6 million sq ft of office space under construction for delivery in 2017 and 2018 (over half of which is already let) despite the sharp rise in new starts recorded in this survey. However, with rents expected to rise and a number of sites available to commence construction imminently, we foresee the potential for delivery in these years to exceed the long-term average. Nevertheless, we are mindful of a number of factors:

• Since the downturn, the delivery of new space has been below average and Grade A vacancy is currently at low levels.

• A significant proportion of potential new space will be pre-let.

• The potential increase in supply will be felt at different times in different parts of central London. It will come the soonest in the West End in 2016, whereas in the City it will come later, in 2019, and in the other markets the increase is expected to be in 2018.

• The shape of the pipeline can alter as delivery dates for individual schemes change.

Central London development pipeline forecastMillion sq ft

0

2

4

6

8

10

12

14

16


1990

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2018

2019

Agreed let not yet started

Average annual deliveryForecast speculative Forecast pre-let


26

In previous Crane Surveys we have emphasised our conviction that demand for central London’s office space will continue to benefit from its attractiveness both to major global companies and start-ups, as well as from its position as a leading global centre for talent and high-skills employment.

Nevertheless, our pipeline forecast highlights the need for developers to fully understand the market dynamics that could come into play over the next five years. As supply increases, the balance of negotiating power will shift towards occupiers: this means that an appreciation of the nuances and intricacies of tenant demand, product requirements, and the evolution of markets will be more important than ever. In particular, we highlight two specific ways in which we believe these factors are changing.

The way that businesses use space is evolvingOur recent research into the occupiers of central London offices shows dramatic growth in serviced office space.3 We believe businesses increasingly value the flexibility and opportunities to collaborate that this type of space can provide, and they will consequently want to incorporate characteristics from it into their own buildings. Our research also shows that the office will play an increasingly important role in the battle for talent, as prospective employees look for dynamic and attractive work environments. Ultimately, buildings that cannot be adapted to suit these changing requirements could become functionally obsolete at an earlier stage in their life cycle, increasing the churn of tenants and the demand for new space.

Businesses are becoming more flexible with location choice Recent Crane Surveys have highlighted the footloose nature of businesses within central London. This is backed up by our London Business Footprint research, which shows an increasing diversity of tenants in virtually all London submarkets.

This in turn is driving change in the way that London’s office submarkets are defined and is reducing the importance of perceived market boundaries. An example is the change in what is understood to be the City: traditionally EC postcodes have defined the “square mile”. However, with Old Street, Clerkenwell and Aldgate becoming more prominent office locations, boundaries are now becoming blurred.

And what about beyond the confines of central London? We have identified seven million sq ft of new office space that could be delivered over our outlook period in Stratford, Battersea/Nine Elms and White City. New transport links, such as Crossrail launching in 2018, which will serve Stratford, and the extension of the Northern Line to Nine Elms and Battersea Power Station, are increasing the attractiveness of these locations to certain types of tenant.

The nature of demand is changing

3 The London Business Footprint, The growth of serviced offices, Deloitte LLP, 2015


Crossrail has already sparked developer interest along its route and their plans are now featuring in our forecast pipeline. Proposed infrastructure projects (Crossrail 2, HS2 and the redevelopment of Euston) will all provide impetus for further development of office markets – and support construction activity across inner London.

Construction activity to riseOur recent Crane Surveys have discussed the building momentum for the next cycle of development. Our latest results shows this phase has now arrived, with a sharp increase in new construction, and further developer commitment to schemes in 2018 and 2019. While 2015 will be subdued with regard to the level of space completed, we believe that the volume of space under development will rebound further from now through to 2019. More than ever, success will depend on understanding demand, as well as supply.

As supply increases, the balance of negotiating power will shift towards occupiers …

28

Development table


Development table

No.

Scheme

Post code

Developer

Tenant

Completion date

Total space sq ft

Space available

sq ftCity Under Construction 1 1 New Ludgate EC4 Land Securities Ropes & Gray Q2 2015 153,000 113,0002 2 New Ludgate EC4 Land Securities Mizuho Q2 2015 193,000 03 C Space (Maple House, 37-45 City Road) EC1 Helical Bar Q2 2015 62,000 62,0004 The Studio, The Bower, 211 Old Street EC1 Helical Bar/Crosstree Real Estate

PartnersJohn Brown Media Q2 2015 19,000 0

5 Alphabeta, 14 Finsbury Square EC2 Resolution Property SEI Investments, Silicon Valley Bank, We Are Social, Maxus Global, Opentable, Mendeley, Virtual 1

Q2 2015 220,000 29,000

6 4 Fore Street EC2 The Salters’ Company The Salters’ Company Q3 2015 50,000 20,0007 99 Clifton Street EC2 Helical Bar/UBS Triton Property Q3 2015 43,000 43,0008 Sutton Yard EC1 Private family trust Q3 2015 75,000 75,0009 The Warehouse, The Bower,

211 Old StreetEC1 Helical Bar/Crosstree Real Estate

PartnersFarfetch.com Q3 2015 122,000 97,500

10 122 Back Church Lane E1 Boultbee Brooks Ltd Q3 2015 25,000 25,00011 8 Finsbury Circus EC2 Mitsubishi Estate Company/Stanhope Q1 2016 170,000 170,00012 The Monument Building ,11-19

Monument StreetEC3 Skanska Skanska Q2 2016 87,000 70,000

13 1 King William Street EC4 Nippon Telegraph and Telephone Corporation/Kajima Europe

Q2 2016 102,000 102,000

14 45 Cannon Street EC4 Morgan Capital Partners LLP Q2 2016 82,000 82,00015 108 Cannon Street EC4 Beltane Asset Management/M&G

Real EstateQ2 2016 39,500 39,500

16 White Collar Factory, Old Street Yard EC1 Derwent London Q3 2016 276,000 276,00017 Angel Court EC2 Mitsui Fudosan/Stanhope Q3 2016 300,000 300,00018 Principal Place, Shoreditch High Street E1 Brookfield Amazon Q4 2016 607,000 019 Mitre Square EC3 Helical Bar/HOOPP/City Corporation Q4 2016 273,000 273,00020 24 King William Street EC4 Beltane Asset Management / Angelo

GordonQ1 2017 82,000 82,000

21 Bloomberg Place EC4 Bloomberg/Stanhope Bloomberg Q1 2017 663,000 022 2 London Wall Place EC2 Brookfield/Oxford Properties Q1 2017 177,000 177,00023 1 London Wall Place EC2 Brookfield/Oxford Properties Schroders Q2 2017 309,000 024 52-54 Lime Street & 27 Leadenhall Street

(The Scalpel)EC3 WRBC Development WR Berkeley Q2 2017 386,000 310,000

Total 4,515,500 2,346,000City Completed 25 Aldgate Tower E1 Aldgate Developments TAG Q4 2014 317,000 277,00026 The Steward Building, 27-33 Artillery

LaneE1 TIAA Henderson Q4 2014 49,000 49,000

27 100 Cheapside EC2 Standard Life Investments/City Corporation

Q4 2014 87,000 87,000

28 5 Cheapside EC2 Amsprop Q4 2014 39,000 39,00029 70 Mark Lane EC3 Mitsui Fudosan/Stanhope Miller Insurance Services, Zurich Q4 2014 168,000 16,00030 5 Broadgate EC2 British Land/GIC UBS Q1 2015 700,000 031 Asia House, 31-33 Lime Street EC3 Beltane Asset Management SCOR Global Life Reinsurance Q1 2015 20,000 0

Total 1,380,000 468,000

Red texts indicates a new start

30

Development table


No.

Scheme

Post code

Developer

Tenant

Completion date

Total space sq ft

Space available

sq ftWest End Under Construction 32 90-95 Wimpole Street/25 Wigmore

StreetW1 Lazari Investments Q2 2015 57,000 57,000

33 24 Savile Row W1 Terrace Hill/Aerium DSQUARED2 Q2 2015 25,000 16,00034 55 St James’s Street SW1 Lothbury Investment Managers Q2 2015 25,000 25,00035 11 Soho Street W1 Dukelease Properties/British Airways

Pension TrustQ2 2015 14,000 14,000

36 41-42 Welbeck Street W1 Howard de Walden Estates Q2 2015 12,000 12,00037 184-188 Oxford Street (30 Market Place) W1 PEC Oxford Q2 2015 22,000 22,00038 21 Glasshouse Street W1 The Crown Estate/NBIM Q2 2015 26,000 26,00039 33 Great Portland Street W1 Harmsworth Pooled Property Unit Trust Q2 2015 11,000 11,00040 127 Sloane Street SW1 The Cadogan Estate Q3 2015 71,000 71,00041 Zig Zag Building, Victoria Street SW1 Land Securities Jupiter Asset Management Q3 2015 188,000 188,00042 34-36 Bruton Street W1 Lancer Property Management Q3 2015 13,000 13,00043 7 Air Street W1 The Crown Estate/NBIM Q3 2015 47,000 47,00044 Yalding House W1 British Land Q3 2015 23,000 23,00045 54 Portland Place W1 Howard De Walden Estates Q3 2015 10,000 10,00046 11-12 Hanover Square and 287-291

Oxford StreetW1 Aviva Investors Q4 2015 34,000 34,000

47 1-2 Welbeck Street W1 Scottish Widows Investment Partnership

Q4 2015 70,000 70,000

48 1 New Burlington Place W1 The Crown Estate/NBIM/Exemplar Q4 2015 79,000 79,00049 51-52 Welbeck Street W1 Howard de Walden Estates Q4 2015 17,000 17,00050 Curtis Green Building, Victoria

EmbankmentSW1 Metropolitan Police Metropolitan Police Q4 2015 150,000 0

51 25 Bury Street SW1 The Crown Estate Q4 2015 12,000 12,00052 1 St James’s Market, Regent Street SW1 The Crown Estate/Oxford Properties Q1 2016 144,000 144,00053 2 St James’s Market, Regent Street SW1 The Crown Estate/Oxford Properties Q1 2016 67,000 67,00054 48-49 Pall Mall SW1 SFL1 (Qatar National Bank) Q1 2016 33,000 33,00055 Nova South SW1 Land Securities Q2 2016 296,000 296,00056 Nova North SW1 Land Securities Q2 2016 184,000 184,00057 Colegrave House, 70 Berners Street W1 Arcadia Arcadia Q2 2016 155,000 058 64-66 Wigmore Street W1 Howard de Walden Estates Q2 2016 55,000 55,00059 Verde SW1 (Eland House, Bressenden Place) SW1 Tishman Speyer Q3 2016 281,000 281,00060 30 Broadwick Street W1 Great Portland Estates Q3 2016 85,000 85,00061 Clarges House, 6-12 Clarges Street, and

82-84 PiccadillyW1 British Land Q4 2016 48,000 48,000

62 7-10 Hanover Square W1 Morgan Capital Partners LLP Q1 2017 56,000 56,000 Total 2,310,000 1,940,000West End Completed 63 1 Fitzroy Place W1 Exemplar/Aviva/Kaupthing Bank Estée Lauder Q4 2014 140,000 064 2 Fitzroy Place W1 Exemplar/Aviva/Kaupthing Bank Q4 2014 80,000 80,00065 Ampersand, 180 Wardour Street W1 Resolution Property/Peterson Group Q1 2015 64,000 64,00066 20 Grosvenor Street W1 Grosvenor Estates KPMG Q1 2015 37,000 067 69 Grosvenor Street W1 Grosvenor Estates Q1 2015 15,000 15,00068 33 Grosvenor Street W1 Grosvenor Estates Q1 2015 13,000 13,00069 Carnaby Court 2, 22-25 Kingly Street W1 Shaftesbury Carnaby Q1 2015 11,000 11,00070 11 Charles II Street SW1 The Crown Estate Q1 2015 21,000 21,00071 8 St James’s Square SW1 Green Property SGBP Hambros, Helly Nahmad Q1 2015 62,000 62,000 Total 443,000 255,000


Development table


No.

Scheme

Post code

Developer

Tenant

Completion date

Total space sq ft

Space available

sq ftDocklands Under Construction 72 1 Bank Street/Heron Quays E14 Canary Wharf Société Générale Q1 2018 688,000 408,000 Total 0 0Docklands Completed

Total 0 0King's Cross Under Construction 73 Pivotal (123 Pentonville Road) N1 Monteagle Barlow Trust Ltd Q2 2015 26,000 26,00074 Lighthouse, 283-297 Pentonville Road N1 UK Real Estate Ltd Q4 2015 17,000 17,00075 Three Pancras Square N1 King’s Cross Central Limited Partnership HAVAS Q2 2016 163,000 076 Four Pancras Square N1C King’s Cross Central Limited Partnership Q2 2017 170,000 170,000 Total 376,000 213,000King's Cross Completed 77 Six Pancras Square N1C AXA REIM/BNP PRE Google Q4 2014 370,000 0 Total 370,000 0Midtown Under Construction 78 40 Chancery Lane WC2 Derwent London Publicis Groupe Q2 2015 97,000 079 Adelphi, 1-11 John Adam Street WC2 Blackstone Q3 2015 160,000 160,00080 77-85 Shaftesbury Avenue WC2 Dolford Property Holdings Bank of East Asia Q3 2015 59,000 42,00081 12-14 New Fetter Lane EC4 Great Portland Estates Bird & Bird Q4 2015 118,000 082 Audit House, 58 Victoria Embankment EC4 Kier Property/FORE Partnership Q4 2015 48,000 48,00083 Lacon House, 84 Theobalds Road WC1 Blackstone Q1 2016 222,000 222,00084 98 Fetter Lane and 12 Norwich Street EC4 Blackstone/Morgan Capital Partners LLP Macfarlanes Q3 2016 85,000 58,00085 1 New Street Square EC4 Land Securities Deloitte LLP Q3 2016 260,000 086 LSQ London, 48 Leicester Square WC2 Old Park Lane Management Q3 2016 110,000 110,00087 25 Chancery lane EC4 Viridis Real Estate Q1 2017 100,000 100,000 Total 1,259,000 740,000Midtown Completed 88 The Halo Building, One Mabledon Place WC1 Stanhope/AIMCO The Doctors Laboratory Q4 2014 89,000 089 81 Chancery Lane WC2 Raingate Ltd Thirty Nine Essex Street Q4 2014 50,000 090 Turnmill, 63 Clerkenwell Road EC1 Derwent London Publicis Groupe Q4 2014 58,000 091 10 Bloomsbury Way WC1 London & Regional Properties Criteo Q1 2015 155,000 117,000 Total 352,000 117,000Paddington Under Construction 92 20 Eastbourne Terrace W2 Land Securities Q2 2016 93,000 93,000 Total 93,000 93,000Paddington completed 0 0 Total 0 0Southbank Under Construction 93 South Bank Tower, Stamford Street SE1 Hermes/Canada Pension Fund Q1 2016 220,000 220,000 Total 220,000 220,000Southbank Completed 94 Metal Box Factory, 30 Great Guildford

StreetSE1 Workspace Q4 2014 50,000 50,000

Total 50,000 50,000

32

ABBEYROAD

B507

GROVE

EN

DR

OAD

LISSON GROVE

B507

BELSIZE ROAD

B509

ADELAIDE ROADB509

CHALKFARM

ROAD

EVERSHO

LTSTREET

A4200

SOUTHAM

PTON

ROW

KIN

GSW

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FINC

HLEY

RO

AD

A41

WELLINGTO

NRO

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AV

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B525

ILBURNHIGH

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A5

MAIDA

VALE

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A503

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A 40(M)A4 0(M ) MARYLEBONE FLYOVER

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D E LANCY STREET

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EMBANKMENT A3

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OXFORD STREET

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PARK

LAN

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PARK

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ENSINGTON HIGH STREET A315 KENSINGTON GORE KNIGHTSBRIDGE A315

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ESTERR

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DCROMWELL ROAD

A4

BROM

PTON

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A4

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3216LO

WER

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ESTREET

BELGRAVEPL

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BELGRAVE ROADA3212

GRO

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RPL

A3217

KINGS ROAD

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A3217

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A308

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A3220

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A3212

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A202

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PHA

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YORK

ROA

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LAM

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A41

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A41

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30

36

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A30

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LAMBETH ROADA3203

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SMITH

STM

AR

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A4

PICCADILLY

A4

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CURZONST

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ING

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CompleteUnder construction

COMMERCIAL ROAD

A13 EAST INDIA DOCK ROAD

A13A102

BLAC

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RO

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A10

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B144

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CHARTERHOUSE STREETBEECH STREET

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A1

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A5201

PIT

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NEWGATE

LONDON WALL

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INO

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HILL3211 UPPER THAMES STREET

GTON LANE

NEWROAD

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PARK

ROA

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3

CUTUNION STREET

WA

LWO

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A215

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LLR

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GEORGE ROAD

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OLDKENT

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ROA

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BRID

GE

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UG

HH

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SOU

THW

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KB

RID

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RO

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GREAT

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VERSTREET

LONG LANE

A2198

ABBEY STREET

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JAMAICAROA

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GRANGEROAD

DU

NTO

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10

KIN

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10

FENCHURCH STREET

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OLD STREET

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BURGESS PARK

41

50

59

34

48

7933

51

22/23

4/9

43

38

42

7374

40

92

4662

44

45

49

32 4758

36

61

3937 57

60 80

83

35

91

88

65

69

71

70

686766

54

86

52/53

55/56

63/34

7675

81

82

87 78 8485

89

90

1

2

8 7

11

17

18

3

16

5

2114

72

6

13

15 20

12

2419

10

77

94

730

2728

3129

25

93

Under construction Completed


ABBEYROAD

B507

GROVE

EN

DR

OAD

LISSON GROVE

B507

BELSIZE ROAD

B509

ADELAIDE ROADB509

CHALKFARM

ROAD

EVERSHO

LTSTREET

A4200

SOUTHAM

PTON

ROW

KIN

GSW

AY

FINC

HLEY

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AD

A41

WELLINGTO

NRO

AD

AV

ENU

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B525

ILBURNHIGH

ROAD

A5

MAIDA

VALE

EDGWARE

A5

CLIFTON

GS

STJO

HNS WOOD

ROAD

A52

05

PRINCE ALBERT ROAD

A5205

GLO

UC

ESTERPLA

CE

PALK

WAY

A503

CAMDEN

ROAD

PORTLA

ND

PL ACE

REGEN

TSTREET

HAYMA

RKET

(M )


MARYLEBONE ROADA501

EUSTONROAD

A501

CALE

DO

NIA

NRO

AD

A52

03

D E LANCY STREET

CAM

DEN

STREET

HA

MPSTEA

DR

OA

D

TOTTEN

HA

MCO

URT

ROAD

CH

AR

ING

CR

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ROA

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COLLEG

ESTREET

STPA

NC

RASW

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RKW

AYA

5200Y

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KW

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GRA

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ROA

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KIN

G'S

CR

O

SS ROADFARRINGDO

NRO

AD

LIVER

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LR

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DB

515

ROSEB

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GUILFORDSTREET

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ALDWYCH

STRAND

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ON

GD

N


MORT IMER

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MA

RYLEBO

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VIC

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IAEM

BA

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TA32

11

EMBANKMENT A3

BAYSWATER ROADA40

BAYSWATER ROADA40

OXFORD STREET

OXFORD STREET

WESTBOURNEGROVE

CRAVENHILL

PRAED

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A4205

PARK

LAN

EA

4202

PARK

LAN

EA

4202


GLO

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A3217

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A3212CHELSEA


A3212

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MILLB

AN

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VA

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A202

VAUXHALL BRIDGE

SOU

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BATTERSEA

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NINE ELMS LANE

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BATTERSEA PARK

LAMBETHPALACE

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COMMERCIAL ROAD


A13A102

BLAC

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ALL

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LBLACKW

ALL CROSSIN

GTU

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RO

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NEWROAD

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CUTUNION STREET

WA

LWO

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CA

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LLR

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GEORGE ROAD

NEW KENT ROAD A201

OLDKENT

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SOU

THW

ARK

BRID

GE

RO

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AD

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A2198

ABBEY STREET

TOOLEY STREET

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ST THOMAS ST

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DU

NTO

NRO

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Definitions

Time period: October 2014 – March 2015

Size minimum: 10,000 sq ft

Construction type: New build construction or significant/comprehensive refurbishment – work to have started, demolition stages not included

Download the new London app To view the London development website visit: www.newlondondevelopment.com

With the future of London literally at your fingertips, the New London App is a must have for investors, property owners, developers or occupiers, within the UK and internationally. There is simply no other tool in the market with the capability to showcase London’s offer in this way and it is set to revolutionise how the industry goes to market.

London Office Crane Survey data now added. www.deloitte.co.uk/newlondonapp

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ContactsCity

Steve Johns Director 020 7303 [email protected]

West End

Stephen Peers Partner020 7303 [email protected]

West End

Rhodri PhillipsDirector020 7007 [email protected]

Occupiers

Chris LewisDirector020 7303 [email protected]

Author

Shaun DawsonResearch Manager020 7303 [email protected]

www.deloitte.co.uk/cranesurveywww.deloitte.com/realestate

Will MatthewsHead of Real Estate Research020 7303 [email protected]

Author

london office crane survey appetite for construction · london office crane survey 15 2015 sees a...

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