A look back at 2020: The biggest London office leasing deals

Property agent Cushman & Wakefield has compiled a list of some of the largest occupier deals in London this year, which shows there were still a number of businesses that committed to lettings in the capital during a turbulent year.

 Alistair Brown, head of London markets at Cushman & Wakefield, said: “There is no disguising that 2020 had been a tricky year for London’s occupational markets. Many 2020 business plans were upended by the Covid-19 pandemic; a shift to home working, the logistical challenges that created and the pressure of a less favourable economic environment meant that a significant number of plans were suddenly put on hold or reconsidered entirely.”

But he added:  “As the year has progressed and with a vaccine now on the horizon, optimism and activity is returning.”

Some of the largest London occupier deals of 2020 (as at December 15)

 Note that some were signed/in discussions before the March lockdown, while some deals were signed/announced after the lockdown started.

 Tenant, address, sector, size (sq ft):

*Linklaters. Ropemaker Place,  EC2. Legal. 307,000 sq ft.

*BP. Cargo, 25 North Colonnade, E14. Energy. 202,000 sq ft.

*Baker McKenzie. 280 Bishopsgate, EC2. Legal. 153,000 sq ft.

*Google. Euston Tower, NW1. Technology. 135,000 sq ft.

*Netflix. Copyright Building, W1. Media. 87,000 sq ft.

*Covington & Burling. 22 Bishopsgate, EC2. Legal. 86,000 sq ft.

*IPG Mediabrands. The Bailey, 16 Old Bailey, EC4. Media. 85,500 sq ft.

*The Office Group. 210 Euston Road, NW1. Flexible workspace. 70,000 sq ft.

*Roxor Gaming. 25 Golden Square, W1. Technology. 66,000 sq ft.

Cushman & Wakefield’s Brown said: “The amount of space that is under offer across London has increased for the third consecutive month to reach 2.7 million sq ft at the end of 2020. Office pre-let discussions are also moving a pace with over 1.3 million sq ft of pre-let space currently under offer across London, further evidence that occupiers are looking beyond the pandemic and beyond Brexit.”

Enrico Sanna, chief executive of flexible offices firm Fora, said: “While it has been an uncertain and challenging year, we continue to see positive signs across our portfolio.”

Sanna said that of the tenants that have joined Fora in 2020, over 63% of those joined after March. He said that is “a testament to the continuing appeal and need for London office space”. 

He added: “In terms of growing sectors, we have seen traction within the technology, finance and professional service firms.”