A resurgent office market, particularly in traditional hotspots like London’s West End, have seen a strong upswing in transacted space on EG’s Q3 Radius Leaderboards.
The league tables are based on data contributed by companies which are part of the EG Radius community, including all the big national agents and numerous regional and independent firms, and offer a detailed breakdown of the top five performers across regions and sectors.
The most dramatic upswing in activity came in the West End office market, where the top five agents have transacted 1.6m sq ft between them, a 132% increase on the 692,809 sq ft the top five managed in the third quarter of 2023. In fact, even the highest placed agent in the rankings from the equivalent period of last year would have failed to make this year’s top five.
Of all the London submarkets, only the City fringe and Docklands tables were topped by an agent with a lower transaction total than Q3 2023, although between them the City fringe’s top five agents managed to transact more space than last year’s.
Together the top five agents across Greater London transacted 4.3m sq ft, a 21% increase on the equivalent period last year.
Outside London, one of the most dramatic results came in the North West, where office space transacted by the top five agents was up by 52.7% to 958,000 sq ft. Figures were boosted by what was the largest regional city office letting since 2020 with Bank of New York Mellon signing for 200,000 sq ft at MEPC’s 4 Angel Square in Manchester.
Elsewhere, the leading office agent managed to outscore last year’s winning total in the East Midlands, South East, South West and Yorkshire.
Conversely, and despite Birmingham landing a deal in which Aston University took 190,000 sq ft at 10 Woodcock Street, the top five office agents in the West Midlands recorded a 17% decline in transacted space compared with last year.
In the industrial sector, seven out of 11 regional tables were topped by agents that transacted more space than the leaders of Q3 last year.
The retail market saw massive increases in table-topping performances in both Greater London and the South East. In Greater London, the top spot was claimed by a total almost three times higher than last year.
The league tables also offer some encouraging news for the investment sector. The top 10 agents accounted for a combined £2.7bn of deals in the third quarter of this year, which is a 144% increase on the combined total managed a year ago.
Photo © Marc-Olivier Jodoin/Unsplash
To find out which agents were the most active and best performers in Q3, make sure to pick up your copy of this week’s EG Magazine or visit www.egi.co.uk/news tomorrow morning.
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