Central London take-up plummeted 66% in April, says CBRE

Take-up in central London for April fell by 66% compared with last year to 225,800 sq ft, due to the UK-wide lockdown, according to CBRE. The largest deal during the month was law firm Covington & Burling’s prelet of 85,800 sq ft at 22 Bishopsgate, EC2. However, active demand remained steady at circa 7.9m sq ft, CBRE reported. At the end of April 12, central London buildings each had more than 50,000 sq ft under offer. Of this 40% was in the City of London. CBRE UK Research director Simon Brown said: “As a result of the ongoing pandemic, the market is in a state of flux. While bold growth-induced moves have been largely put on hold, most major structural transactions driven by lease expiries or breaks still appear to be progressing, albeit slowly for now.  “The transaction at 22 Bishopsgate, as well as a healthy pipeline of requirements, show that the market is ready and waiting for a resumption of business.” To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette