LOMA Q4 2016: Who is London’s top Q4 agent?

A grim year that saw office occupiers stall in their decision making both before and after the referendum was nevertheless rounded out by a considerably more optimistic fourth quarter, with take-up back in the regions of long-term trend. CBRE was clearly the agent best placed to take advantage of this, dominating overall take-up levels with more than double that of JLL in second place, and coming top in four of the six sub markets. It disposed of 1,731,938 sq ft of space during the quarter, an incredible 44% of market share, and acted on the two largest disposals, the sub-let by Barclays of 536,000 sq ft to the Government Property Unit at 10 South Colonnade, E14, and the 183,000 sq ft letting of Bracken House, EC4, to the Financial Times. Total Q4 take-up across the London office markets was 3.5m sq ft, 16% down on Q4 2015, but still up by 62% on Q3. “By Q4, we were expecting a better quarter but it certainly surpassed our expectations. I think that can be attributed in part to economic performance in Q3 being quite strong,” says Ben Burston, director of UK offices research at JLL. Dan Bayley, head of central London agency at BNP Paribas Real Estate, says: “All told it was unspectacular, but in terms of direction of travel – particularly with the Trump surprise – the fact that Q4 was strong and some of the biggest lettings have come from major North American organisations, it is a good shot in the arm for London.” Within this, however, there was also huge variation between the submarkets. City take-up was up by 33.4% on Q4 2015, boosted by deals like Bracken House, EC4, and the 109,050 sq ft letting at 20 Old Bailey, EC4, to Barings Capital. But in the West End, take-up was 59% down on Q4 2015 and there were no deals above 35,000 sq ft, though it is worth noting that Q4 2015 take-up was incredibly strong and well above trend. Part of the reason for lower West End take-up, according to David Hanrahan, director and co-head of London offices at Colliers International, is a lack of supply coming through. In the Docklands, the South Colonnade letting pushed take-up to more than double Q4 2015. All of which left agents in a, relatively, good mood for 2017. “Take-up certainly won’t exceed 2016, but neither will it be a car crash,” says Savills executive director of central London, Philip Pearce. Top agents LONDON’S 2016 Q4 LEAGUE TABLE Position Agency Disposed (sq ft) No of deals 1 CBRE 1,731,938 79 2 JLL 768,125 39 3 Cushman & Wakefield 647,735 51 4 Savills 576,684 31 5 Colliers International 404,534 59 6 Knight Frank 266,264 24 7 BNP Paribas Real Estate 168,607 12 8 Union Street Partners 162,798 9 9 Ingleby Trice 133,946 7 10 GM Real Estate 133,147 8 11 Strutt & Parker 116,138 21 12 Tuckerman 82,099 14 13 Allsop 80,791 11 14 GVA 78,385 9 15 Edward Charles & Partners 75,050 13 16 Ashwell Rogers 56,902 9 17 Farebrother 52,622 15 18 Hall Kemp 49,338 11 19 Newton Perkins 46,186 13 20 Richard Susskind & Co 46,085 9 21 Monmouth Dean 39,676 14 22 Frost Meadowcroft 39,489 10 23 Anton Page 38,536 17 24 Bluebook 35,207 8 25 Hanover Green 32,310 9 26 HNG 24,281 5 27 Kinney Green 23,865 2 28 James Andrew International 23,726 3 29 Stirling Ackroyd 21,797 10 30 Levy 17,504 7 31 Gerald Eve 17,397 5 32 HMC Surveyors 16,198 2 33 BDG Sparkes Porter 16,185 8 34 Pilcher Hershman 15,587 2 35 Strettons 15,353 5 36 BBG Real Estate Advisers 13,905 4 37 Cluttons 13,240 1 38 Jarvis Keller Stephens 11,246 1 39 Crossland Otter Hunt 11,046 5 40 GN2 11,036 3 41 Dron & Wright 10,948 5 42 Gryphon Property Partners 10,598 2 43 Metrus 10,110 3 44 Cherryman 9,390 5 45 DeVono Cresa 9,086 2 46 Matthews & Goodman 8,114 3 47 Capital Real Estate Partners 7,600 1 48 Dominion Commercial Property Agents 6,738 1 49 Elsworth 5,900 1 50 Feiner deSmith 5,413 3 51 Glinsman Weller 4,911 3 52 Christo & Co 4,500 1 53 Michael Boardman & Associates 4,390 1 54 Howard de Walden Estates 4,059 1 55 Savoy Stewart 4,012 1 56 Lorenz Consultancy (The) 3,805 2 57 Hartnell Taylor Cook 3,684 2 58 Mellersh & Harding 3,582 2 59 Spring4 3,250 1 60 Fletcher King 3,207 1 61 Philip Wragg & Partners 3,014 1 62 Boston Gilmore 2,760 1 63 Miles Commercial 2,395 1 64 Kalmars 2,327 1 65 White Druce & Brown 2,219 1 66 Harper Dennis Hobbs 2,206 1 67 Simon Korn Commercial Property Agents 2,015 1 68 Thompson Yates 1,451 1 69 Robert Irving Burns 1,315 1 70 Koopmans 1,301 1 71 Krystal Estates 1,250 1 72 Currell Commercial 1,214 1 73 Paul Belchak & Company 1,214 1 London’s top Q4 agents by submarket  View Pictures/REX/Shutterstock CITY CORE Position Agency Disposed (sq ft) No of deals Market total (sq ft) Share 1 CBRE 646,333 23 1,278,243.48 51% 2 JLL 399,236 15 1,278,243.48 31% 3 Cushman & Wakefield 315,595 23 1,278,243.48 25% 4 Savills 261,829 14 1,278,243.48 20% 5 BNP Paribas Real Estate 147,079 7 1,278,243.48 12% 6 Knight Frank 87,169 9 1,278,243.48 7% 7 Ingleby Trice 57,414 3 1,278,243.48 4% 8 GM Real Estate 54,008 2 1,278,243.48 4% 9 Newton Perkins 46,186 13 1,278,243.48 4% 10 Allsop 27,836 2 1,278,243.48 2% 11 Hall Kemp 22,219 6 1,278,243.48 2% 12 Strutt & Parker 21,124 5 1,278,243.48 2% 13 James Andrew Int 19,569 2 1,278,243.48 2% 14 Kinney Green 19,000 1 1,278,243.48 1% 15 GVA 15,162 2 1,278,243.48 1% 16 BBG Real Estate Advisers 12,535 3 1,278,243.48 1% 17 Colliers International 9,039 3 1,278,243.48 1% 18 Matthews & Goodman 8,114 3 1,278,243.48 1% 19 Gryphon Property Partners 7,538 1 1,278,243.48 1% 20 Monmouth Dean 7,053 3 1,278,243.48 1% 21 DeVono Cresa 5,100 1 1,278,243.48 0% 22 Anton Page 4,415 1 1,278,243.48 0% 23 Hartnell Taylor Cook 3,684 2 1,278,243.48 0% 24 Spring4 3,250 1 1,278,243.48 0% 25 White Druce & Brown 2,219 1 1,278,243.48 0% 26 Stirling Ackroyd 1,441 1 1,278,243.48 0% Ethel Davies/robertharding/REX/Shutterstock CITY FRINGE Position Agency Disposed (sq ft) No of deals Market total (sq ft) Share 1 Colliers International 240,497.56 33 462,355.47 52% 2 Cushman & Wakefield 115,361 8 462,355.47 25% 3 JLL 102,800 3 462,355.47 22% 4 Savills 96,260 5 462,355.47 21% 5 Ingleby Trice 76,532 4 462,355.47 17% 6 GM Real Estate 56,084 2 462,355.47 12% 7 CBRE 46,304 2 462,355.47 10% 8 Richard Susskind & Co 46,084.90 9 462,355.47 10% 9 Allsop 34,822 2 462,355.47 8% 10 Anton Page 34,121 16 462,355.47 7% 11 Ashwell Rogers 28,000 1 462,355.47 6% 12 Hall Kemp 27,119 5 462,355.47 6% 13 Stirling Ackroyd 20,356 9 462,355.47 4% 14 Knight Frank 19,719 2 462,355.47 4% 15 Pilcher Hershman 15,587 2 462,355.47 3% 16 BNP Paribas Real Estate 12,062 4 462,355.47 3% 17 Jarvis Keller Stephens 11,246 1 462,355.47 2% 18 Dron & Wright 7,771 3 462,355.47 2% 19 Monmouth Dean 7,632 1 462,355.47 2% 20 Farebrother 7,632 1 462,355.47 2% 21 Strettons 7,054 4 462,355.47 2% 22 Dominion Commercial Property Agents 6,738 1 462,355.47 1% 23 GVA 6,573 1 462,355.47 1% 24 Feiner deSmith 5,413 3 462,355.47 1% 25 Edward Charles & Partners 5,204 1 462,355.47 1% 26 James Andrew International 4,157 1 462,355.47 1% 27 Thompson Yates 1,451 1 462,355.47 0% 28 BBG Real Estate Advisers 1,370 1 462,355.47 0% 29 Robert Irving Burns 1,315 1 462,355.47 0% 30 Krystal Estates 1,250 1 462,355.47 0% 31 Paul Belchak & Company 1,214 1 462,355.47 0% 32 Currell Commercial 1,214 1 462,355.47 0% Design Pics Inc/REX/Shutterstock DOCKLANDS Position Agency Disposed (sq ft) No of deals Market total (sq ft) Share 1 CBRE 581,493 5 631,808.50 92% 2 Knight Frank 37,058 1 631,808.50 6% 3 GM Real Estate 23,055 4 631,808.50 4% 4 Cushman & Wakefield 21,893 3 631,808.50 3% 5 Cherryman 9,390 5 631,808.50 1% 6 JLL 9,055 3 631,808.50 1% 7 Strutt & Parker 4,015 1 631,808.50 1% 8 Dron & Wright 3,177 2 631,808.50 1% Ray Tang/REX/Shutterstock MIDTOWN Position Agency Disposed (sq ft) No of deals Market total (sq ft) Share 1 CBRE 172,875 15 398,802.09 43% 2 Savills 143,133 6 398,802.09 36% 3 JLL 85,052 4 398,802.09 21% 4 Knight Frank 50,255 3 398,802.09 13% 5 Cushman & Wakefield 50,255 3 398,802.09 13% 6 Farebrother 44,990 14 398,802.09 11% 7 Colliers International 20,013 4 398,802.09 5% 8 Edward Charles & Partners 16,503 5 398,802.09 4% 9 Bluebook 14,301 3 398,802.09 4% 10 Allsop 13,346 5 398,802.09 3% 11 Gerald Eve 10,453 2 398,802.09 3% 12 HNG 7,883 1 398,802.09 2% 13 Hanover Green 5,930 2 398,802.09 1% 14 BDG Sparkes Porter 5,553 1 398,802.09 1% 15 Michael Boardman & Associates 4,390 1 398,802.09 1% 16 Levy 3,538 3 398,802.09 1% 17 Fletcher King 3,207 1 398,802.09 1% 18 Monmouth Dean 2,117.09 2 398,802.09 1% 19 Tuckerman 1,065 1 398,802.09 0% Matt Frost/robertharding/REX/Shutterstock WEST END Position Agency Disposed (sq ft) No of deals Market total (sq ft) Share 1 CBRE 188,727 28 667,391.56 28% 2 Colliers International 107,442.34 14 667,391.56 16% 3 JLL 104,249 9 667,391.56 16% 4 Tuckerman 81,034.38 13 667,391.56 12% 5 Strutt & Parker 78,465.38 13 667,391.56 12% 6 GVA 56,650 6 667,391.56 8% 7 Cushman & Wakefield 50,352 9 667,391.56 8% 8 Edward Charles & Partners 46,737 5 667,391.56 7% 9 Knight Frank 29,141 7 667,391.56 4% 10 Ashwell Rogers 28,902.15 8 667,391.56 4% 11 Monmouth Dean 22,874 8 667,391.56 3% 12 HMC Surveyors 16,198 2 667,391.56 2% 13 Bluebook 14,341 4 667,391.56 2% 14 Cluttons 13,240 1 667,391.56 2% 15 Savills 12,913 4 667,391.56 2% 16 Levy 11,674 3 667,391.56 2% 17 Crossland Otter Hunt 11,045.82 5 667,391.56 2% 18 GN2 11,036 3 667,391.56 2% 19 BDG Sparkes Porter 10,632.26 7 667,391.56 2% 20 Capital Real Estate Partners 7,600 1 667,391.56 1% 21 Gerald Eve 6,943.60 3 667,391.56 1% 22 Elsworth 5,900 1 667,391.56 1% 23 Metrus 5,610 2 667,391.56 1% 24 Glinsman Weller 4,911 3 667,391.56 1% 25 Howard de Walden Estates 4,059 1 667,391.56 1% 26 BNP Paribas Real Estate 4,059 1 667,391.56 1% 27 Savoy Stewart 4,012 1 667,391.56 1% 28 DeVono Cresa 3,986 1 667,391.56 1% 29 Lorenz Consultancy (The) 3,805 2 667,391.56 1% 30 Mellersh & Harding 3,582 2 667,391.56 1% 31 Philip Wragg & Partners 3,014 1 667,391.56 0% 32 Hanover Green 2,419 1 667,391.56 0% 33 Miles Commercial 2,395 1 667,391.56 0% 34 Harper Dennis Hobbs 2,206 1 667,391.56 0% 35 Allsop 2,027 1 667,391.56 0% 36 Simon Korn Commercial Property Agents 2,015 1 667,391.56 0% 37 Koopmans 1,301 1 667,391.56 0% Vickie Flores/LNP/REX/Shutterstock SOUTHERN FRINGE Position Agency Disposed (sq ft) No of deals Market total (sq ft) Share 1 Union Street Partners 157,390 8 324,190 49% 2 Cushman & Wakefield 90,024 4 324,190 28% 3 CBRE 84,423 3 324,190 26% 4 JLL 49,146 3 324,190 15% 5 Knight Frank 38,667 1 324,190 12% 6 Colliers International 12,477 3 324,190 4% 7 Hanover Green 4,029 2 324,190 1% 8 Kalmars 2,327 1 324,190 1% 9 Levy 2,292 1 324,190 1% • To send feedback, e-mail alex.peace@estatesgazette.com or tweet @egalexpeace or @estatesgazette LONDON OFFICES MARKET ANALYSIS Q4 2016   • Analysis – offices drop by 25% but rate of descent slows • Who is London’s top office agent? • London offices breakdown by submarket • London office investment down by 25% in 2016 • Who is London’s top Q4 agent? • Four things you need to know about the London offices market RELATED ARTICLES   • London Offices Market Analysis: Q3 2016 Take-up fell by more than a third in Q3 year on year and investment plunged to record lows. Is it a sharp shock post the Brexit vote or a sign of worse things to come?  • CBRE takes Q3 2016 London office crown Top 25 agents revealed amid EU referendum slowdown • London Offices Market Analysis: Q2 2016 • London Offices Market Analysis: Q1 2016