Thanks to everyone who attended EGi's quarterly London Offices Breakfast Briefing on Thursday. I am pleased to report that despite the excellent turn out, there were enough sandwiches and coffee for all! Thanks must also go to Olswang for letting us use their beautiful offices at 90 High Holborn, and to everyone who submitted their deals, without which such extensive market coverage would not be possible.
The main conclusion of the morning was, perhaps unsurprisingly, that 2011 had been a tough year. Take-up was greatly reduced across central London. West End and Midtown fared better, but every market fell short of its five-year average. A note of optimism however, was Aon's 192,000 sq ft Cheesegrater prelet; which made for unusual and encouraging situation of an American company moving its headquarters to the UK.
In terms of agents, the two biggest players remained CBRE and Jones Lang LaSalle, with Jones Lang topping the central London letting agents' league table for the second consecutive year, although both agents' total market shares had in fact fallen. Cushman & Wakefield was the only agent in the top six to increase its share of the market in 2011.
Things became a little more interesting when looking at the smaller sub-markets, for example in the City fringe the smaller agents really came into their own in Q4, with Hatton Real Estate securing a 17% market share, ahead of CBRE's 14%, and Allsop taking third place.
For the full report click here.