Vacancy rates plunging at prime London office towers — mirroring NYC's ‘flight to quality' [Yahoo! Finance]
BRITISH LAND CO S/ADR (BTLCY)
NASDAQ:AMEX Investor Relations:
britishland.com/investors
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Source: Yahoo! Finance
According to Knight Frank, the UK's leading property management and leasing firm, vacancy rates have plunged in the most desirable London submarkets and in the newest office towers especially — which should sound familiar to anyone in New York real estate. Availability in new London towers with “best-in-class tenant experiences” and “sustainability credentials” plunged to a mere 0.3%in the West End district and 0.5% in the City of London. Although no Manhattan area can boast of such low, district-wide vacancy, the most modern towers here — which are larger than London's — are nearly as full. Among the largest recent London deals are Citadel's for 250,000 square feet at British Land's 2 Finsbury Avenue, now rising and due for completion in 2027. The lease ups Citadel's space in the city by two-thirds. Ken Griffin's firm is leading a financial-services surge that, as in New York, seems immune to market fluctuations. Citadel is the anchor tenant at the new 425 Park Ave. Griffin
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