MARKET UPDATE Q4 2021 – West London Commercial Office News
Welcome to the Q4 update of 2021, giving you an up-to-date view of the commercial property market in West London. Featured in this issue: Market Summary, Take-Up, The Flexi Comeback, Kensington Developments and our 2021 Highlights in West London Commercial Office News.
MARKET SUMMARY West London Commercial Office News
SUPPLY & TAKE UP
Unsurprisingly 2021 was not a record breaking year for office take up. In Hammersmith & Fulham, lettings were down to less than a quarter of 2018 and 2019 levels with just over 150,000 sq ft transacted last year compared with 195,000 sq ft in 2020, fairly predictable given that working from home has been the norm during the last 18 months. The tide is turning though; the ‘WFH Honeymoon’ is waning, employers are telling us that they want their staff back, and to be fair, the majority of staff want to be back too, though maybe not every day of the week.
THE FLEXI COMEBACK
In commercial office news the flex market has been the quickest to capture the return to work.
IN KENSINGTON, in anticipation of the come back, IWG (Regus) took 30,000 sq ft from our clientColumbia Threadneedleat Avon House, Kensington Village W14.
IN WHITE CITY & NOTTING HILL we also secured Venture X for Westfield London’s 22,000 sq ft at One Ariel Way in White City.The Office Group who took Frogmore’sUnited House in Notting Hill from us are now reporting near 100% occupancy of their 40,000 sq ft.
So, from little acorns, we see these smaller more agile businesses taking space in the flex market as a clear signal of the green shoots of the general office market recovery. For certain, there will be lasting changes to working practices for some, but for many the office is not dead – Long live the office!
Ariel Way, White City
Hammersmith finds itself the new home to the iconic jewellers Asprey London. In Q3 the jewellers to the royal family & favourite of Duchess of Cambridge, signed 8,000 sq ft, Vencourt Place in Hammersmith.
FITFLOP THE FOUNDRY, HAMMERSMITH
The Foundry, Hammersmith found a new tenant in FitFlopwho took 10,750 sq ft, at £56 per sq ft on a 5 year lease.