London Docklands is experiencing a major improvement in take-up rates for commercial space. In fact the area’s activity levels have increased by around 521%.
This success has been attributed to the lack of larger floor space elsewhere in London. Many businesses looking for larger office space are attracted to more suitable spaces in the Docklands area. There have been seven major lettings, including the London Organising Committee for the Olympic Games, who have taken 89,000 sq. ft across three floors at One Churchill Place. Other new tenants in the area include South Korea’s National Pension Service and MetLife.
Another large let may be in the pipeline at 18-20 Cabot Square, a former Morgan Stanley site, which is set to be taken by Barclays Capital. This will be another large space let, of around 340,000 sq ft.
Overall London Docklands is really pushing for success by targeting the larger space markets, and is certainly proving to be a success, especially in a city where office space can be very limited in size.