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London Movers & Shakers

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Cushman & Wakefield has analysed London office occupier migration trends since 2013 and this report focuses on patterns recorded in 2016.

In summary: 

  • Just under half of all occupiers moved some or all of their operation to a new London submarket
  • The proportion of relocations between submarkets decreased compared with 2015
  • The shift from West to East continued - 20 moves from West to East compared with 6 moves from East to West
  • The average distance moved was 1.1 miles, which was a shorter distance than seen in the last two years
  • City Core and Mayfair accounted for the largest number of out-movers
  • The City Core also saw the greatest number of in-movers, along with Aldgate & Whitechapel
  • Overall, Aldgate and Whitechapel and Clerkenwelland Shoreditch recorded the highest net positive balance (in-movers less out-movers)
  • Longer term, the City Core, Canary Wharf and Aldgate and Whitechapel have attracted more in-movers in comparison to those moving out
  • Media and tech companies were the most likely to relocate, followed by Professional services companies
  • As in previous years, insurance companies were most loyal to their existing submarkets
  • Net absorption as a direct result of leasing activity totalled 3.0 million sq ft in 2016, which was down on 2015 (3.2 million sq ft)
  • This growth was driven by the tech sector who recorded a year on year increase in occupied floorspace
  • Overflow or short term expansion space accounted for a higher proportion of leasing activity in comparison to previous years
  • Government, public and associations, along with legal and insurance companies were the most likely to take overflow space