Yahoo Finance String of office pre-lets for Landsec in London’s Victoria
Property giant Landsec has already let two thirds of its latest major London office development months before construction finishes in the latest sign of the strength of demand in the sector.
The FTSE 100 firm said three new deals had been signed for 60,000 square feet across six floors, adding to 40,000 square feet that had already been taken, at its n2 building in Victoria.
The three deals mean 66% of n2 is now pre-let. The lettings include investment firm Qube Research & Technologies, which is taking an additional floor to the ones it had already committed to, and another investment firm moving there from a smaller office in Green Park.
A financial company is also relocating to the site which is due to complete in the second quarter. It will have 17 floors, each with access to outdoor space.
n2 is one of 12 buildings that Landsec has developed or repositioned in Victoria over the last two decades including offices, shops and homes.
Employers are increasingly looking at their environmental, social and governance (ESG) credentials, and there has been demand for more environmentally-friendly offices, even if staff are only in them for part of the week. Hybrid working has remained popular since the pandemic.
Oliver Knight, head of workplace at Landsec said: “Businesses continue to recognise the importance of their office as a strategic tool to attract and retain the best talent, reflect their brand and build company culture.”
He added: “Businesses are focused on securing workspaces where people want to spend time; high quality, sustainable buildings which are designed to promote wellbeing and are supported by a network of retail and leisure choices.”
Property agents have reported seeing demand from occupiers seeking to downsize and firms wishing to trade up into better quality space.
The letting agents at n2 are Cushman & Wakefield and Knight Frank. CBRE, Crossland Otter Hunt and RX London advised the tenants on the latest deals.
