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London office space is still hot property despite Brexit uncertainty, says Colliers

Russell Lynch
Would-be occupiers are still scouring the capital for office space

WOULD-be occupiers are still scouring the capital for office space despite Brexit uncertainty, experts said today.

The latest snapshot from commercial property agent Colliers International come as the property world decamps for the annual Mipim festival in Cannes, underlining the capital’s attraction despite uncertainty over the UK’s relationship with the EU.

Take-up by European firms hit a 15-year high last year, bolstered by major deals such as Deutsche Bank choosing a new headquarters. Overall occupiers snapped up 12.2 million square foot of space — the highest since 2014.

But there are still a raft of firms which are on the look out for a new home including interdealer broker TP Icap and custodian bank BNY Mellon, as well as Warner Music and cosmetics giant L’Oréal. Facebook is meanwhile close to sealing a deal to secure a new headquarters near King’s Cross.

James Walker, head of city agency at Colliers, said: “It is clear that London’s magnetism for some of the world’s biggest companies hasn’t diminished.”