Business

Central London companies shrug off Brexit, workplace take-up rises 6 % in third quarter

(Reuters) – Office take-up in central London was 6 % greater within the third quarter than a 12 months earlier as companies shrugged off uncertainty about Britain’s exit from the European Union, property consultancy Knight Frank mentioned on Friday.

FILE PHOTO: Construction work is seen on high-rise workplace blocks within the monetary district of London, Britain, July 11, 2018. REUTERS/Phil Noble/File Photo

Firms within the British capital, a global hub for monetary providers, took three.7 million sq. toes (344,000 sq m) of recent house between July and September 2018.

“Despite all the talk of companies putting decision-making on hold until after the Brexit conclusion, this is clearly not what we are seeing in the Central London office market,” Will Beardmore-Gray, Head of Central London at Knight Frank, mentioned.

Britain is because of go away the EU in March 2019, however has but to achieve an settlement with the bloc’s negotiators on the phrases of its departure, leaving open the opportunity of an economically disruptive ‘no deal’ exit.

A Reuters survey found that solely 630 UK-based finance jobs had been shifted or created abroad up to now forward of Brexit, whereas an exit with no deal may hit 5,766 jobs.

Over fifty % of the workplaces being in-built central London had already been pre-leased to tenants, Beardmore-Gray mentioned, including that there could possibly be a “significant shortage” of excessive grade workplaces over the following three years.

Some of the largest central London property offers within the third quarter have been Facebook renting three buildings within the King’s Cross Central growth and Publicis’ take-up of house at White City Place, Knight Frank mentioned.

Reporting by Samantha Machado and Noor Zainab Hussain in Bengaluru; Editing by Toby Chopra

Our Standards:The Thomson Reuters Trust Principles.

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