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Colliers predicts surge in City occupation deals

Commercial real estate agent Colliers has published research predicting a considerable surge in occupation deals of more than 100,000 sq ft in London's City district this year.

Guy Grantham, head of Colliers International's offices research, stated the first four months of 2012 have witnessed considerable activity in the City market, with three deals in excess of 100,000 sq ft already completed.

There were only 11 such completions in 2011 and 2012 combined, highlighting the extremely positive start to 2013 so far.

Furthermore, two further deals are now also in advanced stages, with CMS Cameron McKenna looking at 150,000 sq ft at Hines's Cannon Place and Amazon considering a 210,000 sq ft deal at Axa's Sixty London.

Mr Grantham noted: "While the banking sector is on the back foot, Media & Technology (MT) continues to be a major contributor to positive absorption in the City market. MT accounted for 31 per cent of take-up in 2012. Nevertheless, the majority of activity remains at the sub 5,000 sq ft level, with over 75 per cent of deals falling into that size category."

However, he added that there are some other major deals in the offing in the capital at present though, including significant potential uptake for Bird & Bird (210,000 sq ft), Wordplay (100,000 sq ft), Mitsui (70,000 sq ft) and FTI Consulting (70,000 sq ft).

Meanwhile, the news follows the recent announcement that US banking giant Goldman Sachs has received final planning approval for the construction of its new bespoke headquarters on Farringdon Street and Shoe Lane in the City.

The building will provide 1.2 million sq ft of grade A office accommodation once complete and will be the new home for up to 500 members of staff. The project is due to commence early next year and has been designed by architect Kohn Pedersen Fox Associates. 

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