The West End, City, Midtown and Docklands leasing crowns all went to CBRE in 2016, as the American agency took a stranglehold on the London submarkets.
Acting on market-leading deals in the Docklands and the West End, its City total was boosted by the 183,000 sq ft letting of Bracken House, EC4, to the Financial Times, while it acted on the second largest deal in midtown, the 62,000 sq ft letting to WeWork at Aldwych House, WC2.
Of the remaining two submarkets: the City Fringe went to Colliers International – its take-up boosted by the acquisition of Hatton Garden RE in January, while Union Street Partners took the South Bank acting as joint agents with CBRE on the 73,000 sq ft letting to WeWork at the South Bank Tower, SE1.
The massive shake-up caused by the referendum caused take-up to fall in all but the Docklands and South Bank markets, which were boosted by some lumpy deals. But over the year, sub-market take-up varied hugely. By Q4, take-up in the City was 34% higher than in 2015, while West End take-up was down by 59%.
“Where we see the world at the moment, there has been a step change in the pace of the market,” says David Hanrahan, director and co-head of London offices at Colliers International.
“The market in my mind was topping out at the end of 2015, in anticipation of Brexit, then cooler throughout 2016, with a few deals in the final quarter.”
City core
View Pictures/REX/Shutterstock
TOP AGENTS BY SUBMARKET 2016
Position |
Agency |
Disposed (sq ft) |
No of deals |
Market total (sq ft) |
Share |
1 |
CBRE |
1,101,573.68 |
60 |
3589142.32 |
31% |
| 2 | Cushman & Wakefield | 883,048 | 62 | 3589142.32 | 25% |
| 3 | JLL | 763,190.79 | 68 | 3589142.32 | 21% |
| 4 | Knight Frank | 605,953 | 26 | 3589142.32 | 17% |
| 5 | Savills | 458,366 | 40 | 3589142.32 | 13% |
| 6 | GM Real Estate | 304,320 | 11 | 3589142.32 | 8% |
| 7 | BNP Paribas Real Estate | 269,221.74 | 31 | 3589142.32 | 8% |
| 8 | Gerald Eve | 261,489 | 4 | 3589142.32 | 7% |
| 9 | Strutt & Parker | 174,299 | 21 | 3589142.32 | 5% |
| 10 | Ingleby Trice | 144,410.68 | 23 | 3589142.32 | 4% |
| 11 | Newton Perkins | 123,413.51 | 31 | 3589142.32 | 3% |
| 12 | Allsop | 92,641 | 11 | 3589142.32 | 3% |
| 13 | Gryphon Property Partners | 81,330 | 5 | 3589142.32 | 2% |
| 14 | James Andrew International | 75,272 | 5 | 3589142.32 | 2% |
| 15 | Hall Kemp | 63,310 | 22 | 3589142.32 | 2% |
| 16 | GVA | 54,810 | 7 | 3589142.32 | 2% |
| 17 | BBG Real Estate Advisers | 36,115 | 7 | 3589142.32 | 1% |
| 18 | Spring4 | 32,666 | 9 | 3589142.32 | 1% |
| 19 | Kinney Green | 22,032 | 2 | 3589142.32 | 1% |
| 20 | Monmouth Dean | 21,880.76 | 5 | 3589142.32 | 1% |
| 21 | Farebrother | 18,114 | 6 | 3589142.32 | 1% |
| 22 | Matthews & Goodman | 16,077 | 6 | 3589142.32 | 0% |
| 23 | Colliers International | 15,458 | 5 | 3589142.32 | 0% |
| 24 | Juniper Real Estate | 12,022 | 1 | 3589142.32 | 0% |
| 25 | Squarebrook | 11,997 | 2 | 3589142.32 | 0% |
| 26 | DeVono Cresa | 11,935 | 2 | 3589142.32 | 0% |
| 27 | J Peiser Wainwright | 7,496 | 2 | 3589142.32 | 0% |
| 28 | Deloitte Real Estate | 7,059 | 1 | 3589142.32 | 0% |
| 29 | Hartnell Taylor Cook | 5,776 | 3 | 3589142.32 | 0% |
| 30 | Anton Page | 4,415 | 1 | 3589142.32 | 0% |
| 31 | Eddisons | 4,228 | 1 | 3589142.32 | 0% |
| 32 | Capita | 2,561 | 2 | 3589142.32 | 0% |
| 33 | Ostroumoff | 2,511 | 1 | 3589142.32 | 0% |
| 34 | Dron & Wright | 2,411 | 1 | 3589142.32 | 0% |
| 35 | White Druce & Brown | 2,219 | 1 | 3589142.32 | 0% |
| 36 | Mellersh & Harding | 1,182 | 1 | 3589142.32 | 0% |
City fringe
View Pictures/REX/Shutterstock
TOP AGENTS BY SUBMARKET 2016
Position |
Agency |
Disposed (sq ft) |
No of deals |
Market total (sq ft) |
Share |
1 |
Colliers International |
606,043.43 |
87 |
1,887,576.24 |
32% |
| 2 | Cushman & Wakefield | 560,182.34 | 25 | 1,887,576.24 | 30% |
| 3 | BNP Paribas Real Estate | 263,648 | 12 | 1,887,576.24 | 14% |
| 4 | Allsop | 248,657.14 | 18 | 1,887,576.24 | 13% |
| 5 | GM Real Estate | 214,528 | 9 | 1,887,576.24 | 11% |
| 6 | Anton Page | 179,765.68 | 64 | 1,887,576.24 | 10% |
| 7 | Savills | 148,732 | 10 | 1,887,576.24 | 8% |
| 8 | JLL | 137,161 | 9 | 1,887,576.24 | 7% |
| 9 | Pilcher Hershman | 116,247 | 7 | 1,887,576.24 | 6% |
| 10 | CBRE | 112,305 | 7 | 1,887,576.24 | 6% |
| 11 | Hall Kemp | 110,572.34 | 10 | 1,887,576.24 | 6% |
| 12 | Ingleby Trice | 101,953 | 6 | 1,887,576.24 | 5% |
| 13 | Stirling Ackroyd | 95,568.60 | 36 | 1,887,576.24 | 5% |
| 14 | Richard Susskind & Co | 93,242.12 | 27 | 1,887,576.24 | 5% |
| 15 | Knight Frank | 58,144 | 6 | 1,887,576.24 | 3% |
| 16 | Strettons | 53,064.67 | 17 | 1,887,576.24 | 3% |
| 17 | Ashwell Rogers | 28,000 | 1 | 1,887,576.24 | 1% |
| 18 | Deloitte Real Estate | 23,777 | 1 | 1,887,576.24 | 1% |
| 19 | Farebrother | 20,518 | 7 | 1,887,576.24 | 1% |
| 20 | Hanover Green | 15,002 | 4 | 1,887,576.24 | 1% |
| 21 | Paul Belchak & Company | 14,641 | 4 | 1,887,576.24 | 1% |
| 22 | Monmouth Dean | 14,127 | 4 | 1,887,576.24 | 1% |
| 23 | Crossland Otter Hunt | 13,790 | 5 | 1,887,576.24 | 1% |
| 24 | Copping Joyce Chartered Surveyors | 13,403 | 2 | 1,887,576.24 | 1% |
| 25 | Dron & Wright | 13,369 | 6 | 1,887,576.24 | 1% |
| 26 | Jarvis Keller Stephens | 11,246 | 1 | 1,887,576.24 | 1% |
| 27 | Kinney Green | 10,719 | 1 | 1,887,576.24 | 1% |
| 28 | BBG Real Estate Advisers | 9,762.17 | 4 | 1,887,576.24 | 1% |
| 29 | Brecker Grossmith | 8,434 | 1 | 1,887,576.24 | 0% |
| 30 | GVA | 8,098 | 2 | 1,887,576.24 | 0% |
| 31 | Daniel Watney | 7,778 | 1 | 1,887,576.24 | 0% |
| 32 | Currell Commercial | 7,626 | 4 | 1,887,576.24 | 0% |
| 33 | Edward Charles & Partners | 7,367 | 2 | 1,887,576.24 | 0% |
| 34 | Morgan Pryce | 7,080 | 1 | 1,887,576.24 | 0% |
| 35 | Dominion Commercial Property Agents | 6,738 | 1 | 1,887,576.24 | 0% |
| 36 | Feiner deSmith | 6,437 | 4 | 1,887,576.24 | 0% |
| 37 | Strutt & Parker | 6,372.21 | 2 | 1,887,576.24 | 0% |
| 38 | Lorenz Consultancy (The) | 6,326 | 2 | 1,887,576.24 | 0% |
| 39 | Robert Irving Burns | 4,926 | 3 | 1,887,576.24 | 0% |
| 40 | Thompson Yates | 4,628 | 2 | 1,887,576.24 | 0% |
| 41 | James Andrew International | 4,157 | 1 | 1,887,576.24 | 0% |
| 42 | Matthews & Goodman | 3,429 | 1 | 1,887,576.24 | 0% |
| 43 | Stilring Ackroyd | 2,640 | 1 | 1,887,576.24 | 0% |
| 44 | Tarn & Tarn | 2,608 | 1 | 1,887,576.24 | 0% |
| 45 | Lonic | 2,340 | 1 | 1,887,576.24 | 0% |
| 46 | PSK Knighton | 2,120.51 | 1 | 1,887,576.24 | 0% |
| 47 | dohertybaines | 1,400 | 1 | 1,887,576.24 | 0% |
| 48 | Krystal Estates | 1,250 | 1 | 1,887,576.24 | 0% |
Docklands
Design Pics Inc/REX/Shutterstock
TOP AGENTS BY SUBMARKET 2016
Position |
Agency |
Disposed (sq ft) |
No of deals |
Market total (sq ft) |
Share |
1 |
CBRE |
674,825 |
16 |
1,313,662.50 |
51% |
| 2 | Knight Frank | 421,773.52 | 5 | 1,313,662.50 | 32% |
| 3 | Cushman & Wakefield | 235,596.47 | 13 | 1,313,662.50 | 18% |
| 4 | GM Real Estate | 109,978 | 17 | 1,313,662.50 | 8% |
| 5 | Cherryman | 83,875.97 | 12 | 1,313,662.50 | 6% |
| 6 | JLL | 77,016 | 15 | 1,313,662.50 | 6% |
| 7 | Gryphon Property Partners | 29,191 | 2 | 1,313,662.50 | 2% |
| 8 | Dobbin & Sullivan | 5,339 | 1 | 1,313,662.50 | 0% |
| 9 | Strutt & Parker | 4,015 | 1 | 1,313,662.50 | 0% |
| 10 | sbh Page & Read | 3,878 | 1 | 1,313,662.50 | 0% |
| 11 | Dron & Wright | 3,177 | 2 | 1,313,662.50 | 0% |
Midtown
Ray Tang/REX/Shutterstock
TOP AGENTS BY SUBMARKET 2016
Position |
Agency |
Disposed (sq ft) |
No of deals |
Market total (sq ft) |
Share |
1 |
CBRE |
422,886 |
36 |
1,535,847.95 |
28% |
| 2 | Savills | 410,641 | 18 | 1,535,847.95 | 27% |
| 3 | Farebrother | 344,253 | 40 | 1,535,847.95 | 22% |
| 4 | Cushman & Wakefield | 286,355 | 14 | 1,535,847.95 | 19% |
| 5 | JLL | 250,106.93 | 14 | 1,535,847.95 | 16% |
| 6 | Colliers International | 144,109 | 25 | 1,535,847.95 | 9% |
| 7 | Edward Charles & Partners | 101,031.43 | 12 | 1,535,847.95 | 7% |
| 8 | Knight Frank | 59,975 | 9 | 1,535,847.95 | 4% |
| 9 | Bluebook | 58,474 | 7 | 1,535,847.95 | 4% |
| 10 | Gerald Eve | 54,708 | 5 | 1,535,847.95 | 4% |
| 11 | GM Real Estate | 52,344 | 7 | 1,535,847.95 | 3% |
| 12 | Crossland Otter Hunt | 25,056 | 2 | 1,535,847.95 | 2% |
| 13 | Gryphon Property Partners | 22,176 | 2 | 1,535,847.95 | 1% |
| 14 | Strutt & Parker | 21,679 | 5 | 1,535,847.95 | 1% |
| 15 | HNG | 18,933 | 3 | 1,535,847.95 | 1% |
| 16 | Fresson & Tee | 16,617 | 5 | 1,535,847.95 | 1% |
| 17 | Monmouth Dean | 16,379.09 | 3 | 1,535,847.95 | 1% |
| 18 | Deloitte Real Estate | 14,996 | 2 | 1,535,847.95 | 1% |
| 19 | Daniel Watney | 12,786 | 4 | 1,535,847.95 | 1% |
| 20 | Allsop | 11,699 | 5 | 1,535,847.95 | 1% |
| 21 | Carter Jonas | 11,234 | 3 | 1,535,847.95 | 1% |
| 22 | Hanover Green | 10,510 | 4 | 1,535,847.95 | 1% |
| 23 | HMC Surveyors | 10,360 | 2 | 1,535,847.95 | 1% |
| 24 | Michael Boardman & Associates | 6,996.43 | 2 | 1,535,847.95 | 0% |
| 25 | Anton Page | 6,760 | 2 | 1,535,847.95 | 0% |
| 26 | BDG Sparkes Porter | 5,553 | 1 | 1,535,847.95 | 0% |
| 27 | BNP Paribas Real Estate | 5,368 | 4 | 1,535,847.95 | 0% |
| 28 | Gale Priggen & Co | 5,300 | 1 | 1,535,847.95 | 0% |
| 29 | Beacon Wood | 5,000 | 1 | 1,535,847.95 | 0% |
| 30 | Levy | 3,538 | 3 | 1,535,847.95 | 0% |
| 31 | Thompson Yates | 3,492 | 1 | 1,535,847.95 | 0% |
| 32 | Fletcher King | 3,207 | 1 | 1,535,847.95 | 0% |
| 33 | GVA | 3,141 | 1 | 1,535,847.95 | 0% |
| 34 | Mellersh & Harding | 2,958 | 1 | 1,535,847.95 | 0% |
| 35 | Metrus | 2,744.82 | 1 | 1,535,847.95 | 0% |
| 36 | DeVono Cresa | 2,594 | 1 | 1,535,847.95 | 0% |
| 37 | Wright & Partners | 1,870 | 1 | 1,535,847.95 | 0% |
| 38 | Workplace Company (The) | 1,625 | 1 | 1,535,847.95 | 0% |
| 39 | Matthews & Goodman | 1,272 | 1 | 1,535,847.95 | 0% |
| 40 | Richard Susskind & Co | 1,259.39 | 1 | 1,535,847.95 | 0% |
| 41 | Kinney Green | 1,155 | 1 | 1,535,847.95 | 0% |
| 42 | Spring4 | 1,145 | 1 | 1,535,847.95 | 0% |
| 43 | Tuckerman | 1,065 | 1 | 1,535,847.95 | 0% |
Southern fringe
Jed Leicester/REX/Shutterstock
TOP AGENTS BY SUBMARKET 2016
Position |
Agency |
Disposed (sq ft) |
No of deals |
Market total (sq ft) |
Share |
1 |
Union Street Partners |
253,654.98 |
27 |
790,041.4 |
32% |
| 2 | CBRE | 199,358 | 11 | 790,041.4 | 25% |
| 3 | JLL | 198,893.10 | 16 | 790,041.4 | 25% |
| 4 | Cushman & Wakefield | 126,286 | 8 | 790,041.4 | 16% |
| 5 | Knight Frank | 119,666 | 7 | 790,041.4 | 15% |
| 6 | Hall Kemp | 44,474 | 1 | 790,041.4 | 6% |
| 7 | BNP Paribas Real Estate | 31,721 | 3 | 790,041.4 | 4% |
| 8 | Colliers International | 28,182.10 | 7 | 790,041.4 | 4% |
| 9 | Hanover Green | 16,438 | 4 | 790,041.4 | 2% |
| 10 | Lambert Smith Hampton | 13,872 | 4 | 790,041.4 | 2% |
| 11 | Levy | 8,958 | 2 | 790,041.4 | 1% |
| 12 | Ingleby Trice | 6,735 | 1 | 790,041.4 | 1% |
| 13 | Kalmars | 4,866 | 2 | 790,041.4 | 1% |
| 14 | Capita | 3,227 | 1 | 790,041.4 | 0% |
| 15 | Edward Symmons (now trading as Lambert Smith Hampton) | 2,657 | 1 | 790,041.4 | 0% |
| 16 | Workplace Company (The) | 2,588 | 1 | 790,041.4 | 0% |
| 17 | Crossland Otter Hunt | 2,530 | 2 | 790,041.4 | 0% |
| 18 | Monmouth Dean | 2,434 | 1 | 790,041.4 | 0% |
| 19 | Masons Property Advisers | 2,406 | 2 | 790,041.4 | 0% |
| 20 | Anton Page | 1,950 | 1 | 790,041.4 | 0% |
| 21 | BBG Real Estate Advisers | 1,735 | 1 | 790,041.4 | 0% |
| 22 | Hiller & Partners | 1,409 | 1 | 790,041.4 | 0% |
| 23 | BDG Sparkes Porter | 1,409 | 1 | 790,041.4 | 0% |
| 24 | Turner Morum | 1,200 | 1 | 790,041.4 | 0% |
West End
High Level/REX/Shutterstock
TOP AGENTS BY SUBMARKET 2016
Position |
Agency |
Disposed (sq ft) |
No of deals |
Market total (sq ft) |
Share |
1 |
CBRE |
622,639 |
86 |
2,645,608.51 |
24% |
| 2 | Cushman & Wakefield | 367,318 | 35 | 2,645,608.51 | 14% |
| 3 | JLL | 365,695.22 | 34 | 2,645,608.51 | 14% |
| 4 | Colliers International | 330,119.12 | 49 | 2,645,608.51 | 12% |
| 5 | Knight Frank | 280,028.53 | 40 | 2,645,608.51 | 11% |
| 6 | Strutt & Parker | 275,911.29 | 34 | 2,645,608.51 | 10% |
| 7 | Tuckerman | 273,526.38 | 55 | 2,645,608.51 | 10% |
| 8 | GVA | 215,062.58 | 18 | 2,645,608.51 | 8% |
| 9 | Edward Charles & Partners | 165,592 | 27 | 2,645,608.51 | 6% |
| 10 | Bluebook | 127,803.96 | 20 | 2,645,608.51 | 5% |
| 11 | HMC Surveyors | 104,499.75 | 4 | 2,645,608.51 | 4% |
| 12 | Monmouth Dean | 102,307 | 36 | 2,645,608.51 | 4% |
| 13 | Deloitte Real Estate | 91,721 | 3 | 2,645,608.51 | 3% |
| 14 | BNP Paribas Real Estate | 79,732 | 16 | 2,645,608.51 | 3% |
| 15 | Savills | 76,993 | 14 | 2,645,608.51 | 3% |
| 16 | GN2 | 72,269 | 5 | 2,645,608.51 | 3% |
| 17 | BDG Sparkes Porter | 54,413.92 | 29 | 2,645,608.51 | 2% |
| 18 | Ashwell Rogers | 48,513.15 | 15 | 2,645,608.51 | 2% |
| 19 | Mellersh & Harding | 42,681 | 20 | 2,645,608.51 | 2% |
| 20 | Crossland Otter Hunt | 42,166.93 | 20 | 2,645,608.51 | 2% |
| 21 | Gerald Eve | 33,697.12 | 12 | 2,645,608.51 | 1% |
| 22 | Howard de Walden Estates | 30,945.13 | 5 | 2,645,608.51 | 1% |
| 23 | Glinsman Weller | 27,592.28 | 10 | 2,645,608.51 | 1% |
| 24 | Montagu Evans | 23,844 | 5 | 2,645,608.51 | 1% |
| 25 | Cluttons | 20,204.31 | 2 | 2,645,608.51 | 1% |
| 26 | Levy | 18,156.22 | 7 | 2,645,608.51 | 1% |
| 27 | Robert Irving Burns | 15,622.53 | 6 | 2,645,608.51 | 1% |
| 28 | Metrus | 14,773 | 7 | 2,645,608.51 | 1% |
| 29 | Braham Good | 14,335 | 2 | 2,645,608.51 | 1% |
| 30 | Allsop | 13,119.86 | 6 | 2,645,608.51 | 0% |
| 31 | Newton Perkins | 11,500.49 | 4 | 2,645,608.51 | 0% |
| 32 | Miles Commercial | 10,982 | 3 | 2,645,608.51 | 0% |
| 33 | DeVono Cresa | 10,721 | 3 | 2,645,608.51 | 0% |
| 34 | Pilcher Hershman | 10,069 | 2 | 2,645,608.51 | 0% |
| 35 | Lambert Smith Hampton | 9,337 | 2 | 2,645,608.51 | 0% |
| 36 | Lorenz Consultancy (The) | 8,846 | 4 | 2,645,608.51 | 0% |
| 37 | David Menzies Associates | 8,805 | 1 | 2,645,608.51 | 0% |
| 38 | Harper Dennis Hobbs | 8,557 | 2 | 2,645,608.51 | 0% |
| 39 | Matthews & Goodman | 7,716 | 1 | 2,645,608.51 | 0% |
| 40 | Capital Real Estate Partners | 7,600 | 1 | 2,645,608.51 | 0% |
| 41 | Hanover Green | 7,369 | 4 | 2,645,608.51 | 0% |
| 42 | Elsworth | 5,900 | 1 | 2,645,608.51 | 0% |
| 43 | HNG | 4,560 | 3 | 2,645,608.51 | 0% |
| 44 | Farebrother | 4,096 | 1 | 2,645,608.51 | 0% |
| 45 | Martin Levy Commercial | 4,055 | 1 | 2,645,608.51 | 0% |
| 46 | Savoy Stewart | 4,012 | 1 | 2,645,608.51 | 0% |
| 47 | Koopmans | 3,950 | 3 | 2,645,608.51 | 0% |
| 48 | Morgan Pryce | 3,946 | 1 | 2,645,608.51 | 0% |
| 49 | Langham Estate Management | 3,180.50 | 2 | 2,645,608.51 | 0% |
| 50 | Philip Wragg & Partners | 3,014 | 1 | 2,645,608.51 | 0% |
| 51 | Capita | 2,641 | 1 | 2,645,608.51 | 0% |
| 52 | Northam Clover | 2,384 | 1 | 2,645,608.51 | 0% |
| 53 | Frost Meadowcroft | 2,361 | 1 | 2,645,608.51 | 0% |
| 54 | Simon Korn Commercial Property Agents | 2,015 | 1 | 2,645,608.51 | 0% |
| 55 | Cooper Chen | 1,737 | 1 | 2,645,608.51 | 0% |
| 56 | Davis Brown | 1,200 | 1 | 2,645,608.51 | 0% |
| 57 | Anton Page | 1,078 | 1 | 2,645,608.51 | 0% |
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LONDON OFFICES MARKET ANALYSIS Q4 2016
• Analysis – offices drop by 25% but rate of descent slows
• Who is London’s top office agent?
• London offices breakdown by submarket
• London office investment down by 25% in 2016
• Who is London’s top Q4 agent?
• Four things you need to know about the London offices market
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