Central London Office
Market Report
Highest annual take-up since 2000
Q4 2015
Central London overview
£
Pace of GDP growth eases in H2 but 2016
to
see continued momentum
After a sustained run of strong growth in London and the UK economy
more broadly, the year has begun with downgrades to estimates of
the recent pace of growth and renewed concerns over the outlook
for global growth. This has been reflected in equity market turmoil,
a plunging oil price and speculation as to whether China and other
emerging markets will experience financial instability in response to
capital outflow associated with the US Federal Reserve’s decision
in December to embark on base interest rate rises.
While this news has the potential to dampen business sentiment,
economic fundamentals for the UK and London remain sound,
with solid growth expected to continue in 2016, at much the same
pace as in 2015, supported by low unemployment, the robust
expansion of the services sector and steadily improving household
spending power.
£
Highest annual take-up since 2000
Q4 saw 2.8 million sq ft let, which capped off another stellar year
for Central London leasing, propelling take-up to 12.2 million sq ft for
the full year 2015, well ahead of the 2014 total of 11.3 million sq ft and
the highest since 2000.
2015 ends with an above average 2.5 million sq ft under offer and
active demand totalling 9.5 million sq ft, suggesting that demand
conditions remain supportive and that the slight slowing in economic
growth, along with the prospect of a referendum on EU membership,
have not yet had a material impact on the mood of London occupiers.
Supply remains at 15 year low
Vacancy continued its steady decline and now stands at a low
3.4% across Central London as a whole, the lowest since 2001.
This reflects a further fall in the City to 3.9% and in the Docklands
to 4.9% while the West End was stable at a low 2.6%.
2 | Central London Office Market Report Q4 2015
The level of speculative development under construction rose
further to 8.6 million sq ft, indicating that developers are responding
to London’s burgeoning requirements for new office floorspace.
The West End will see a high level of development completions in
2016, focussed in Victoria, but in the City the pipeline is skewed to
later years and so occupiers will find little relief to the current tight
market conditions over the next 12 months.
£
£
City rents on the rise
The City market saw rents ratchet further upward in Q4, ending
the year at £70 per sq ft for non-tower prime space in the core
market. West End prime rents stand at £120 per sq ft for 10,000 sq ft
plus floorplates, but there is mounting evidence of higher rents
being achieved in the core Mayfair and St James’s market for
smaller floorplates.
£
Another buoyant Q4 for investment turnover
as yields remain stable
In keeping with the normal seasonal pattern, Q4 saw a sharp rise
in Central London investment market turnover, with £6.9 billion
traded, double the Q3 total of £3.4 billion. Full year volumes reached
£18.5 billion, in line with last year’s £18.6 billion, and the third
consecutive year around this level.
Prime yields remained stable in Q4, at 4% in the City and 3.5% in
the West End for smaller lot sizes.
Ben Burston
Head of UK Office Research
Take-up
City
Millions sq ft
West End
Docklands
14
12
10
8
23%
2015 take-up
12.2
6
4
ahead
of
10 year
average
million sq ft
2
0
2006
2007
2008
2009
2010
2011
2012
Prime rents
2013
2014
2015
Vacancy rate
City
Q4 2014
West End
Q4 2014
Docklands
Q4 2014
£62.50 psf
£115.00 psf
£40.00 psf
12%
£70.00 psf
£120.00 psf
£45.00 psf
8%
12%
4%
13%
to Q4 2015
to Q4 2015
City
14%
to Q4 2015
West End
Docklands
10%
6%
4%
2%
0%
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Prime yields stable
Speculative under construction
n City n West End
City
West End
4%
3.5%
4.4
million sq ft
million sq ft
million sq ft
2.3
million sq ft
Q4 2014
3.2
2.9
Q4 2015
Q4 2014
Q4 2015
Investment volumes
Purchaser origins
2014
£18.6 £18.5
£18.4 billion
billion
2013
2015
billion
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
10 year average
£14.4
billion
31%
(2015)
69%
(2015)
£
£
£
UK investors
Overseas investors
Central London Office Market Report Q4 2015 | 3
Key transactions
The Zig Zag
Building, SW1
Tenant: Deutsche Asset
& Wealth Management
Size: 88,000 sq ft
“Deutsche Asset & Wealth Management
committed in Q4 to relocating from the
City to Victoria – leasing 88,000 sq ft
at Land Securities new development at
The Zig Zag Building, Victoria Street.
This is a landmark deal for the West End
attracting a traditional City occupier
to Victoria. This was one of the largest
deals in the final quarter of the year and
shows the increasing mobility of Central
London occupiers.”
Andrew Barnes
Director
London Agency
100
Bishopsgate,
EC2
Tenant: Royal Bank
of Canada
Size: 244,000 sq ft
Rent: Confidential
Aviva Central
London
portfolio
Price: Circa £1 billion
Purchaser: PSP
Investments
“The 50/50 joint venture partnership
between Aviva and PSP Investments was
one of the largest transactions of 2015.
The portfolio of 14 prime assets, located
across Central London, represents over
one million square feet in total. The mix
of stabilised income-generating assets
and development opportunities in both the
City and West End of London, provides
a well-balanced portfolio and JLL was
delighted to have been involved in this
innovative and exciting new partnership.”
Damian Corbett
Director
London Capital Markets
“Royal Bank of Canada (RBC), Canada’s
largest financial institution and one
of the top 15 banks in the world has
pre-let 244,000 sq ft at Brookfield’s
100 Bishopsgate. The development will
become one of the most prominent office
towers in London. JLL advised RBC
throughout the transaction from the
initial strategy work to market searches
and then ultimately negotiating the
pre-let agreement at 100 Bishopsgate.”
Mathew Mycock
Director
London Agency
The International
Quarter,
FCA & TFL
Buildings, E20
Price: Circa £370 million
(FCA building), circa
£245 million (TfL building)
Purchaser: Deutsche Asset
& Wealth Management
(FCA building), Legal &
General (TfL building)
Vendor: Lendlease and LCR
Andrew Hawkins
Director
London Capital Markets
4 | Central London Office Market Report Q4 2015
“At £615 million+ the combined
sales represented the largest single
office investment deal in the UK/
London last year. Both buyers are
of exceptional standing and LCR
and LendLease are very pleased
to be partnering with them.”
Issue to watch:
Innovation and Infrastructure
drive London to the top
JLL’s unique City Momentum Index captures the dynamics of a
city’s real estate market – its rates of construction and absorption,
price movement and the attraction of a city’s built environment
for cross-border capital and corporations.
Covering 120 cities globally and measuring socio-economic and
commercial real estate momentum based on 37 variables across
10 topics, the CMI evaluates the capacity of each city to react to
the combined forces of urbanisation, globalisation and technology,
which are recasting the commercial geography of real estate.
While maintaining its international status as a financial, cultural and
academic centre, London has made major strides in establishing
itself among the World’s elite cities in the newer areas of technology
and innovation.
The remarkable feature of this year’s CMI Top 20 is the overwhelming
dominance of innovation-rich cities. JLL has long emphasised that city
momentum involves far more than just raw GDP growth – it is crucially
about building the foundations of an innovation-oriented economy
through technology, creating cutting-edge new businesses, attracting
talent and nurturing vibrant inclusive communities.
Many of the cities at the top of this year’s Momentum Index, such
as London, New York, San Francisco and Boston, are home to the
world’s most dynamic mixed-used districts that are thriving through
their ability to incubate and commercialise new ideas. These compact
and well-connected city districts promote connectivity, co-production
and open innovation. And what bonds them together is real estate.
London's momentum has been boosted by a number of key
infrastructure and real estate developments – the nationally significant
Crossrail project, Imperial West and UCL East new university campuses,
and major mixed-use schemes including the transformation of Vauxhall,
Nine Elms and Battersea Opportunity Area. However, to maintain its
strong momentum, London will need to continue to execute bold urban
transformation plans that support future demographic growth, improve
connectivity and provide much-needed space for the city’s expanding
innovation economy.
Jeremy Kelly
Director Global Research
Top 20
London
1
11 Nairobi
Silicon Valley
2
12 Shenzhen
Dublin
3
13 Seattle
Bangalore
4
14 Tokyo
Boston
5
15 Nanjing
Shanghai
6
16 Austin
New York
7
17 Hyderabad
Sydney
8
18 Melbourne
Beijing
9
19 Seoul
San Francisco 10
20 Auckland
JLL City Momentum Index
covers 10 topics – 37 variables
Population
Connectivity
Technology and R&D
Education
Environment
Economic output
Corporate activity
Construction
Real Estate investment
Property prices
Central London Office Market Report Q4 2015 | 5
West End overview
Take-up and demand
Take-up reached 1 million sq ft in 42 transactions in the final quarter
of 2015, a 27% increase on the Q3 total and also the strongest
quarterly total since Q1 2013. For the year as a whole, take-up
reached 3.7 million sq ft, making 2015 the strongest year for take-up
since 2010. Take-up was underpinned by two large transactions; the
pre-leasing of 175,000 sq ft to Universal Music Group at 4 Pancras
Square, N1C and the letting of 144,000 sq ft to Bouygues UK at
Becket House, SE1. These transactions combined accounted for
30% of total take-up in Q4.
Unlike in previous quarters where the TMT sector has held the largest
share of take-up, the occupier profile in Q4 was relatively balanced.
The manufacturing sector dominated with a 29% share in total take-up,
followed by the banking and finance sector with 27% and the TMT
sector with 25%. The manufacturing sector was boosted by the deal
with Bouygues UK, mentioned above, and also several smaller deals.
The volume of floor space under offer reached 662,000 sq ft and
although this is 38% less than the Q3 figure, it is still well above the
10 year quarterly average of 570,000 sq ft. As a result we expect the
strong leasing momentum to continue into 2016.
Overall demand stands at 4.7 million sq ft, compared to 5.3 million sq ft
in Q3 and is now below the 10 year average of 5.2 million sq ft.
The decrease was largely driven by a fall in potential demand which
ended Q4 at 1.9 million sq ft. Active demand increased slightly over
the quarter to 2.8 million sq ft but remains below the 10 year average
of 3.1 million sq ft. The TMT sector continues to drive demand and
represents 33% of all active requirements, followed by the service
and professional services sectors with 27% and 14% respectively.
Existing and future supply
Existing supply was stable in Q4 at 2.4 million sq ft. This equates
to an overall vacancy rate of 2.6% which remains well below the
10 year average of 4.4%. Grade A vacancy increased from 2% to
2.1% as 250,000 sq ft of floor space completed speculatively during
the quarter.
“Investment in 2015 was the highest
on record.”
6 | Central London Office Market Report Q4 2015
The volume of space under construction speculatively was unchanged
in Q4 at 3.2 million sq ft, 45% ahead of the 10 year average of
2.2 million sq ft. There is currently 2.3 million sq ft due to be delivered
speculatively in 2016, the highest level of speculative development
for a single year on record. The new supply is concentrated in
Victoria where circa 700,000 sq ft will be delivered as part of three
large schemes, namely Verde, Nova North and Nova South. Victoria
is followed by Hammersmith which will be delivering over 300,000 sq ft
of space at The Foundry and Hammersmith Grove. This increased
supply should cause vacancy rates to rise somewhat but given the
recent trend of pre-letting in the market, we are expecting that much
of this space will be leased ahead of completion.
Rents
Prime rents in the core remained unchanged from Q3 at £120 per sq ft
(assuming a 10,000 sq ft floorplate and a 10 year term). We expect that
strong occupier demand and low vacancy in the core will cause prime
rents to increase further in 2016, reaching £125 per sq ft by year end.
Investment volumes and yields
Q4 saw a very high level of investment turnover, with £2.5 billion traded
compared to £1.6 billion in Q3, and well ahead of the 10 year quarterly
average of £1.4 billion. For 2015 as a whole, £7.1 billion was transacted,
the highest ever total for West End investment and well ahead of the
£5.9 billion traded during 2014.
The largest deal in Q4 involved Aviva’s Central London portfolio,
whereby Aviva Investors formed a 50:50 joint venture partnership with
PSP Investments. The joint venture deal equated to c. £1 billion and
comprised 14 assets across Central London. JLL acted on behalf of
PSP Investments. Prime yields remained unchanged in Q4 at 3.5% for
sub £10 million, 3.75% for £10 to £80 million lot sizes and 4% for lot
sizes over £80 million.
Amy Birdee
Associate Director
Take-up
Q4 2015
Long term
average
sq ft
sq ft
from
Q3-15
sq ft
662,000
840,000
27%
1,000,000
Under offer
Key deals
Active demand
33%
TMT
Universal Music
Group
Carlyle Group
175,000 sq ft
28,300 sq ft
1 St James’s
Market, SW1
Park House,
Oxford Street, W1
£106.00
per sq ft
£77.00
per sq ft
4 Pancras Square,
N1C
27%
Service
Centrica
63,500 sq ft
£90.00
per sq ft
14%
Professional
Banking & finance
10%
Public & administrative
10%
Millions sq ft
Pre-let
Share of overall take-up
35%
30%
1.0
25%
0.8
20%
0.6
15%
0.4
10%
0.2
0.0
5%
2005
sq ft
Speculative development for 2016
Pre-PC leasing
1.2
2.8
million
5%
Manufacturing
Pre-leasing
Q4 2015
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Investment volumes
Q4 2015
£2.5
billion
0%
Under construction
3.2
million sq ft
2.3
57% ahead of 10 year average
million sq ft t
en
ghest developm
31% Victoria
14% Hammersmith
11% Bloomsbury
hi
record
completions on
Purchaser origins
85%
higher than
quarterly
average
2015 Total
£7.1
billion
20%
a record
high and
20% higher
than 2014
18%
(2015)
UK investors
82%
(2015)
Overseas investors
Central London Office Market Report Q4 2015 | 7
City overview
Take-up and demand
City leasing volumes were robust in the final quarter reaching
1.5 million sq ft, a 19% fall on the 1.8 million sq ft transacted in Q3,
but ahead of the 10 year quarterly average for the seventh consecutive
quarter. This brings full year take-up to 6.6 million sq ft, lower than
the exceptional volumes transacted in 2013 and 2014 when take-up
totalled 7 million sq ft, but 22% ahead of the 10 year annual average
of 5.4 million sq ft. Leasing activity over the previous three years has
totalled 20.6 million sq ft, which is the strongest three year run of
take-up since 1999-2001, when take-up reached 20.8 million sq ft.
The TMT sector was most active in Q4 both in terms of quantum of
space transacted (417,000 sq ft) and number of transactions (23),
notable deals included: 48,000 sq ft leased to Salesforce.com at
110 Bishopsgate, EC2 and 51,000 sq ft acquired by Tableau Software
at the Blue Fin building, SE1. The banking and finance sector was
also prominent in Q4, boosted by the largest transaction of the quarter
at 100 Bishopsgate, EC2 where the Royal Bank of Canada have
pre-leased 244,000 sq ft. There is a further 1.3 million sq ft under
offer, a 10% increase on the Q3 total and broadly in line with the
10 year quarterly average.
Active demand fell 9% to 6.1 million sq ft, marginally ahead of the
10 year average of 5.9 million sq ft, although well down on the 7 million
sq ft of active demand during the equivalent period in 2014. Looking
ahead, the fall in demand indicates leasing volumes are likely to be
slightly lower in 2016, especially given the exceptionally low vacancy
rate, although are expected to remain ahead of the long term average.
Banking and financial sector occupiers currently account for the largest
share of active demand with 35% of live requirements, followed by
professional services with 19%, and public administration and
institutions with 16% respectively.
Existing and future supply
Overall supply continued to tighten in Q4, falling 7% over the quarter
to 4.3 million sq ft, compared to 4.6 million sq ft in Q3 and is now
39% below the 10 year quarterly average of 7.1 million sq ft.
The overall vacancy rate is now 3.9%, a significant fall from 6.5%
at the end of 2014 and the lowest level since 2001. The supply of
new stock continued to decrease due to the lack of speculative
completions in 2015. New build supply now totals 740,000 sq ft,
equating to a new vacancy rate of 0.7%.
8 | Central London Office Market Report Q4 2015
“Strongest run of take-up since
1999 – 2001.”
The new build vacancy rate is expected to decrease further in early
2016, with 25% of existing new build supply already under offer, and
no development completions (new build) scheduled until Q2 2016.
Rents
The rapidly decreasing supply and sustained strength of leasing
activity has led to further rental growth with City prime rents increasing
to £70 per sq ft in Q4, from £67.50 per sq ft in Q3 and are now in line
with their previous peak in 1988. Incentives moved in slightly and are
now 20 months’ rent free on an assumed 10 year term, down from 21
months in Q3. JLL expects rental growth to continue in 2016, albeit at
a slower rate of growth, with prime rents expected to reach £74 per
sq ft before the end of the year, before rising to £80 per sq ft by the
end of 2019.
Investment volumes and yields
In keeping with the usual seasonal trend, the final quarter of 2015
was the strongest of the year with £3.2 billion traded across 46
transactions. This boosted full year investment turnover to £10.2 billion,
a marginal increase on the 2014 total of £9.9 billion and 35% higher
than the 10 year annual average of £7.6 billion. Overseas buyers
continue to dominate the market for large lot sizes in Q4, with 10 of
the 13 transactions in excess of £100 million acquired by overseas
buyers, who accounted for 72% share of overall investment turnover.
The largest transaction of the quarter was the purchase of Broadgate
West, EC2 by The Blackstone Group for £416 million reflecting a net
initial yield of 4.9% and capital value of £915 per sq ft. Prime yields
remained unchanged in Q4 at 4% for all lot sizes.
James Norton
Associate Director
Take-up
Second hand
New
Millions sq ft
Pre-let/Under construction
Refurbished
10 yr ave
8
7
6
2013-2015
strongest run of
take-up since
1999-2001
5
4
3
2
1
0
2006
2007
2008
2009
2010
2011
2012
Key deals
2013
2014
2015
Active demand
35%
Banking & finance
Royal Bank of Canada
Salesforce.com
IPG Mediabrands
244,000 sq ft
48,000 sq ft
44,000 sq ft
£75.00 per sq ft
£62.50 per sq ft
110 Bishopsgate, EC2
99 Shoreditch, EC2
Confidential
rent
100 Bishopsgate, EC2
19%
Professional service
Public, administrative
& institutions
10 year average
12%
Service industries
5.9 million sq ft
3%
Manufacturing
Vacancy rate
Q4 2014
7 million sq ft
15%
TMT
Q4 2015
6.1 million sq ft
16%
Speculative under construction
Overall
12%
Grade A
New
10%
8%
6%
20
4%
2%
million sq ft
2016
2017
0.6
million sq ft
15
2006
2007
2008
2009
2010
2011
2012
2013
2014
10
Prime rents
Q4 2015
Q4 2014
£62.50
psf
4%
£70.00
psf
12%
Annual growth
Annual growth
Forecast
Q4 2016
5
£74.000
psf
4%
Annual growth
2015
2018
Investment volumes
Billions
0%
2.1
1.8
million sq ft
UK
£12
Overseas
10 year average
£10
£8
£6
£4
£2
£0
2006
2007
Purchaser origins
2008
2009
2010
2011
2012
2013
2014
2015
Top 5 overseas purchasers
USA
19%
28%
(2015)
UK investors
72%
(2015)
Canada
8%
Taiwan
7%
China
6%
France
5%
Overseas investors
Central London Office Market Report Q4 2015 | 9
Docklands & East
London overview
Take-up and demand
Take-up reached 286,000 sq ft in Q4, a 38% increase on the Q3 total of
208,000 sq ft but 12% lower than the quarterly average of 322,000 sq ft.
Full year take-up reached 1.8 million sq ft, 53% ahead of the 10 year
average and the highest since 2010, buoyed by a strong Q2 when
take-up reached 1.3 million sq ft. An additional 563,000 sq ft is under
offer, more than double the 10 year quarterly average of 278,000 sq ft.
The 57,000 sq ft acquired by EY at 25 Churchill Place, E14 was the
largest transaction in Q4. Other notable transactions included:
38,000 sq ft leased to HSBC Bank at 5 Canada Square, E14 and
34,000 sq ft acquired by Clifford Chance at 20 Churchill Place, E14.
Overall demand decreased marginally to 4.6 million sq ft, compared to
4.7 million sq ft at the end of Q3, but remains well ahead of the equivalent
period in 2014 when demand totalled 3.7 million sq ft, and 79% ahead of the
10 year average of 2.6 million sq ft. Although the quarterly change in overall
demand was only marginal, there was a major change in the composition of
active and potential demand. Active demand fell 34% in Q4 to 2.4 million sq
ft, although remains well ahead of the 10 year average of 1.6 million sq ft,
while potential demand more than doubled to 2.2 million sq ft.
Existing and future supply
Existing supply continued to tighten in Q4 falling 10% over the quarter
to 1 million sq ft, compared to 1.1 million sq ft at the end of Q3, which
equates to an overall vacancy rate of 4.9%. The majority of supply is
grade A which totals 0.9 million sq ft, a vacancy rate of 4.3%.
There were no construction starts or completions in Q4. There are two
major speculative schemes currently under construction in Docklands:
1 Bank Street, E14 where 420,000 sq ft is available following the pre-let
of 280,000 sq ft to Société Générale in 2014 and Here East, E20 in
Stratford where the final 230,000 sq ft phase of the scheme is scheduled
to complete in Q3 2016.
Rents
Prime rents in Canary Wharf, the benchmark for East London, increased
to £45 per sq ft in Q4. Albeit there remains a three tiered rental market,
with tenant controlled stock available at a slight discount and new build
pre-let stock in excess of £50 per sq ft. With existing supply tightening
and no new stock delivered until 2018 we expect further rental growth in
the short term and a further closing of the gap between landlord and
tenant controlled stock.
10 | Central London Office Market Report Q4 2015
Take-up
Q3 2015
208,000
sq ft
Under offer
563,000
Q4 2015
286,000
sq ft
sq ft
10 year average
278,000 sq ft
Active demand
42%
Banking & finance
32%
TMT
Public & administrative
5%
Service industries
5%
Manufacturing
2.4
Active demand
15%
Professional services
million sq ft
10 year average
1.6m sq ft
2%
Prime rents
Vacancy rate
Overall vacancy
Prime rent
Prime rent
14%
£55
12%
£50
10%
8%
6%
4%
2%
£45
£40
£35
£30
Investment volumes and yields
In excess of £800 million was traded across four transactions in Q4
which brings full year investment turnover to £1.3 billion, 56% down on
the 2014’s exceptional total of £2.8 billion (which in part was due to the
sale of the HSBC Tower), and ahead of the 10 year average turnover
of £1.2 billion.
Rental conditions
in Central London
£87.50
£131.05
£85.00
£120.21
£52.50
£77.47
£77.50
£105.56
£75.00
£110.21
£79.00
£116.59
£67.50
£101.72
£67.50
£90.80
STRATFORD
£95.00
£144.51
£120.00
£179.04
CAMDEN
MARYLEBONE,
EUSTON
& KING’S
CROSS
£65.00
£85.91
CLERKENWELL
BLOOMSBURY
PADDINGTON
FITZROVIA
NORTH OF
OXFORD
STREET
£95.45
SOHO
MAYFAIR
HYDE PARK
COVENT
GARDEN
CITY
MIDTOWN
WESTERN
NORTHERN
CITY CORE
£70.00
£100.61
SOUTHERN
EASTERN
ALDGATE
ST. JAMES’S
SOUTHBANK
WATERLOO
BELGRAVIA &
KNIGHTSBRIDGE
HAMMERSMITH
£70.00
£100.61
SHOREDITCH
REGENT’S
PARK
£65.00
£70.00
£100.61
KENSINGTON
& CHELSEA
£40.00
£57.10
DOCKLANDS
VICTORIA
£67.50
£96.75
VAUXHALL
£45.00
£70.68
BATTERSEA
£65.00
£104.98
£52.50
£78.66
£85.00
£137.85
£50.00
£73.77
£47.50
£71.27
£80.00
£119.02
£120.00
£179.04
£62.50
£90.56
£57.50
£81.75
£67.50
£98.11
£60.00
£84.97
PRIME RENTS
OCCUPANCY COSTS
Central London Office Market Report Q4 2015 | 11
Contacts
Leasing
Capital Markets
Research
Neil Prime
Director
Head of UK Office Agency
+44(0)20 7399 5190
[email protected]
Damian Corbett
Director
Head of London Capital Markets
+44(0)20 7399 5286
[email protected]
Jon Neale
Head of UK Research
UK Research
+44(0)20 7852 4685
[email protected]
Adrian Crooks
Director
Central London Agency
+44 (0)20 7399 5135
[email protected]
Julian Sandbach
Director
Central London Capital Markets
+44 (0)020 7399 5973
[email protected]
Ben Burston
Head of UK Office Research
UK Research
+44 (0)20 7399 5289
[email protected]
Dan Burn
Director
Central London Agency
+44 (0)20 7399 5966
[email protected]
Chris Northam
Director
Central London Capital Markets
+44(0)20 7399 5826
[email protected]
Alex Hodge
Associate Director
UK Marketing
+44(0)20 7399 5735
[email protected]
jll.co.uk
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