London commercial realty at post Brexit high

New office building in central London is at a three-year high, with 13.2 million square feet of space under construction, up 12% on the figure six months ago, Deloitte Real Estate’s London Office Crane Survey said on Monday. Some 55% of the office space under construction was already let and for larger schemes of over 100,000 square feet, more than three quarters was already committed to, Deloitte said. “Notably occupiers in the financial services sector have pre-let 2.1 million square feet of space that is still under construction,” “This is a 50% increase in six months and suggests there is confidence the sector remains committed to London.” The survey covers seven major central London office markets - The City, West End, Docklands, King’s Cross, Midtown, Paddington, Southbank - as well as three emerging submarkets - Vauxhall-Nine Elms-Battersea, White City and Stratford.