edge Commercial London The London office market in numbers...

Transcription

1 RESEARCH March 2013 Soaring rents for prime located Grade A office space in the West End and the hike in business rates following the 2010 rating revaluation is catalysing the migration of tenants to more affordable locations in West London, the City and City fringe Commercial edge London A guide to office market trends, rents and rent free periods The supply of well located Grade A office space in Central London is at historically low levels. This is due to the virtual absence of speculative office development starts from ; a consequence of the collapse in tenant demand and the development funding drought, precipitated by the world banking crisis. Quoting rents for refurbished office space situated in areas such as Southwark, Covent Garden, Clerkenwell, the City of London and north City fringe have risen by circa per sq ft pa over the last 12 months in response to gradually declining vacancy levels and improving demand from occupiers migrating from higher rent and business rates locations such as Mayfair, St James s, Marylebone and Soho in the West End. By contrast, the quoting rents for new Grade A, prime located, office space in the City, Midtown and West End have remained virtually unchanged since the beginning of 2012, with the exception of the South Bank district where historically low vacancy levels have underpinned rental growth for new and refurbished office space. Providing that economic growth is sustained, the consensus among many market analysts is that rents for refurbished office space in good secondary locations throughout Central London are likely to rise by an average of per sq ft pa during 2013, driven by low vacancy levels and the increasing trend for occupiers to relocate from expensive prime locations. The London office market in numbers... Prime West End rents have risen by up to 33% since Q and are now per sq ft per annum Prime City rents are per sq ft per annum, representing an increase of up to 22% from Q Typical rent discounts in the City are between 5-10% compared to 3-5% in the West End Prime West End rents are now an unprecedented 80-88% higher than City equivalents Quoting rents for the upper floors in City tower buildings are 15-25% higher than for lower floors Rent free periods for 5 year leases - up to 12 months (City) and up to 9 months (West End) Carter Jonas March 2013 carterjonas.co.uk/officesearch 1

2 Central London Office Locations N1 NW1 W11 W2 W1 WC1 WC2 EC1 EC4 EC2 EC3 E1 E14 W8 SE1 W6 W14 SW7 SW3 SW1 West End Paddington/Kensington/Chelsea Victoria/Westminster Mayfair/St James s Soho/North of Oxford Street Euston/King s Cross (West) Midtown Strand/Covent Garden Bloomsbury Holborn/Fleet Street King s Cross (East) City/City Fringe City Core City Fringe South Bank London Bridge/ Southwark/Waterloo Docklands Canary Wharf Rest of Docklands West London Hammersmith/Olympia/ West Kensington Grades of office accommodation For marketing purposes office accommodation is generally categorised into grades which are defined as follows:- Grade A - new or newly refurbished office space where the building specification includes suspended ceilings and fully accessible raised floors for data/telecoms cable management, passenger lift and air conditioning facilities. Grade B - office space that may only incorporate under floor or perimeter trunking for data/telecoms cable management, rather than fully accessible raised floors, and/or air cooling facilities, instead of an air conditioning system that dehumidifies, filters and draws fresh air into the building. Grade B space also tends to be of a generally lower quality building specification. Comprehensively refurbished office accommodation is defined as office space that is as new, having been completely refitted throughout, to include new fixtures and fittings to the common parts and reception area, new building services including air conditioning and passenger lift facilities, electrical, plumbing and lighting systems, and new raised floors, suspended ceilings and sanitary ware. The refurbishment specification will comply with the latest health and safety legislation and may also include re-cladding the exterior of the building. Refurbished space is defined as office accommodation where the landlord has redecorated and recarpeted the available office space (but not necessarily the common parts) and overhauled, but not renewed, the building services, such as the air conditioning and passenger lift facilities. 2 Carter Jonas March 2013

3 Location West End - W1, W2 & SW1 New/Comprehensively Refurbished Typical Quoting Rent (per sq ft pa) Grade A Refurbished Grade B Refurbished Mayfair/St James s (Prime locations e.g. Berkeley Square, St James s Square) Mayfair/St James s (Secondary locations e.g. Albermarle Street, St James s Street) Marylebone (Prime locations e.g. Portman Square, Cavendish Square) Marylebone (Secondary locations e.g. Baker Street, George Street) Fitzrovia /Great Portland Street & Area Soho Haymarket Victoria (Prime locations e.g. Cardinal Place, Victoria Street) Victoria (Secondary locations)/westminster/ Millbank Knightsbridge Paddington/Bayswater Euston Midtown - WC1, WC2, NW1, Pt EC1 & Pt EC4 Bloomsbury Holborn (Prime e.g. New Street Square, Fetter Lane) Holborn (Secondary e.g. Gray s Inn Road, Theobalds Road) Covent Garden/Strand/Charing Cross Shaftesbury Avenue/St Martin s Lane Kingsway/Aldwych/Fleet Street Kings Cross/St Pancras City of London - EC2, EC3 & EC4 City of London (Prime locations e.g. Gracechurch Street, Lime Street/Fenchurch Street, Old Broad Street) City of London (Secondary locations - e.g. Blackfriars, Old Bailey, Barbican, Liverpool Street, Aldgate) Fringe City of London - EC1 & E1 Farringdon, Smithfield, Clerkenwell, Spitalfields, Tower Hill South Bank - SE Southwark/London Bridge (Prime locations river views) Waterloo/Southwark/London Bridge (Secondary locations no river views) Albert Embankment (with river views) Docklands - E14 Docklands (Prime locations e.g. Canary Wharf/Heron Quays) Docklands (Secondary locations e.g. Limeharbour, Marsh Wall ) South West/West London Chelsea Kensington/Queensway/Notting Hill Fulham/Hammersmith/West Kensington/ Olympia Chiswick Table 1 Central London Office Quoting Rents March 2013 Source: Carter Jonas carterjonas.co.uk/officesearch 3

4 Figure 1 London Office Rents Q Grade A Grade B Source: Carter Jonas per sq ft pa % Mayfair/St James's Soho Marylebone Fitzrovia Victoria Covent Garden Knightsbridge City - Bank/Insurance District Holborn Paddington City Fringe - Bank/Insurance District King s Cross Southwark/London Bridge Clerkenwell/Farringdon Canary Wharf Hammersmith Months 30 Quoting rents for the 25 upper floors of City tower buildings are 15-25% above 20 the rents for lower floors Docklands City - Fringe Bank/ Insurance District Office rents It has been a mixed picture for office rents during Quoting rents for new Grade A office space in the prime areas of the West End, Midtown and City office markets have remained broadly static since the beginning of 2012, in response to generally weaker tenant demand across the capital and a reluctance on the part of occupiers to bear higher rent and business rates costs on new space. By contrast, there have been increases in quoting rents of, typically, per sq ft pa over the last twelve months for refurbished Grade A space in secondary locations such as Soho, Victoria, Marylebone and Fitzrovia in the West End, Covent Garden and Kingsway in Midtown, Southwark/London Bridge in the South Bank area, Clerkenwell and Farringdon in the northern City fringe, Bank and the City - Bank/Insurance District City Fringe (North) Midtown West End - excluding Mayfair/St James's insurance district in the City of London and in Hammersmith, West London. Rental growth has been driven by a combination of gradually reducing supply and sustained, albeit weak, demand from tenants that are migrating from high cost West End locations. The quoting rents for the upper floors of prime located Grade A office space in tower buildings are typically 15-25% above the rents for lower floors. In the City, for example, the guide rent on the upper penthouse floors of Heron Tower, 110 Bishopsgate, EC2, is currently per sq ft pa and per sq ft pa for the lower floors. Rents in the late 60 s and early 70 s per sq ft pa are being guided for the upper floors at 20 Fenchurch Street, EC3 (the Walkie Talkie building) and the developer of The Shard at London Bridge, SE1 is guiding per sq ft pa for the upper floors and per sq ft pa for the West London West End - Mayfair/St James's South Bank 4 Carter Jonas March 2013

5 % increase Figure 2 Rent Increases For Grade A Office Space From Q Source: Carter Jonas Midtown West End - Mayfair/St James's South Bank City of London West London Docklands lower floors. The quoting rents on the upper floors of tower buildings have therefore been excluded from Table 1 to prevent distortion of the rent data. South Bank quoting rents for prime located new and refurbished Grade A office space have risen by circa 8% ( per sq ft pa) since the beginning of 2012, reflecting acute supply side constraints, and now typically stand at per sq ft pa. The recently completed Shard is likely to set new headline rent benchmarks where quoting rents are per sq ft pa for the upper floors, reflecting the iconic status and uniqueness of the building. This is in contrast with the quoting rents for refurbished Grade B South Bank office space which are typically to per sq ft pa. In Docklands quoting rents at Canary Wharf have fallen by circa 1.50 to 3.00 per sq ft to to per sq ft pa for refurbished Grade A space due to increased vacancy levels as tenants from the banking and legal sectors compete to sub-let surplus space in order to reduce their operating costs. In West London quoting rents for refurbished Grade A space in Hammersmith are now typically per sq ft pa, in contrast with quoting rents of to per sq ft pa which were more typical in Q The increase in rents is reflective of reducing vacancy levels and improving demand a significant proportion of which is from tenants migrating from the West End in search of lower cost accommodation, following very significant rent and business rates increases since Q The recently completed Shard is likely to set a new headline rent benchmark of per sq ft pa in The South Bank area carterjonas.co.uk/officesearch 5

6 How far have rents risen since the mid-2009 market trough? Figure 2 illustrates the percentage change in office rents for prime located Grade A space since Q the generally acknowledged bottom of the London office market following the international banking crisis. Rents in the West End have increased by circa 33% since the beginning of 2010 with Midtown and The City recording increases of circa 37.5% and 22% respectively. The Midtown office market has witnessed the largest increase in rents since Q which is explained by supply side constraints and the development of new buildings such as Central St Giles and One Kingsway that have set new rent benchmarks for the Midtown area for Grade A space. Rent discounts The extent to which discounts can be negotiated on landlord s quoting rents tend to vary with location and how long a particular property has been on the market. Discounts of 5 10% are not uncommon on some City office buildings that have been on the market for over 12 months. Contrast with quoting rents on prime located Mayfair and South Bank office space where rent discounts of 3 5 % are more typical. Rent free periods Landlords have been responding to the decline in office vacancy levels and the gradual, but sustained, improvement in demand for Central London office space, which began during Q4 2009, by increasing quoting rents and reducing the level of rent free period incentives that they are prepared to offer to new tenants. During the middle of 2009 rent free periods of circa months for West End and South Bank office space, based on five year leases, and months for ten year leases, were typical. Contrast with the rent free periods that are commonly available today as outlined in Figure 3. 6 Carter Jonas March 2013 Image courtesy of Canary Wharf Group plc

7 In the City, Docklands and Midtown office markets rent free periods have similarly narrowed since the middle of 2009 when rent free periods of months (five year leases) and months (ten year leases) were the market average. Rent free periods for new and refurbished Grade A office space in the South Bank and north City fringe areas such as Farringdon and Clerkenwell, where vacancy levels are particularly low, have narrowed by circa 1-2 months for 5 10 year leases since the beginning of 2012 and by circa 1 month over the same period, in areas such as Mayfair, Marylebone, Soho, Covent Garden, and Victoria. However, rent free periods in many of the other Central London office sub-markets, in particular in the City of London, have remained broadly static, reflecting weaker tenant demand. In Docklands, and some secondary City locations such as Aldgate, Minories and Crosswall, the landlords of office space that has been on the market for a year or more are typically offering 1-2 months additional rent free, above the market norm. Figure 3 provides a geographical summary of typical rent free periods for new and refurbished Grade A office space based on five and ten year leases, as at February The West London office market has seen an appreciable reduction in rent free periods since the beginning of 2012, reflecting supply side constraints and increased demand from firms migrating from high cost locations in the West End. Rent free periods in Hammersmith are now typically 8 to 10 months (5 year lease) and months (10 year lease) in contrast with Q when rent free periods were circa 9-12 months and months respectively. Rents in the West End have increased by circa 33% since the beginning of 2010 with Midtown and The City witnessing increases of circa 37.5% and 22% respectively carterjonas.co.uk/officesearch 7

8 Mayfair/St Mar Coven Knigh City - Bank/Insurance Pad City Fringe - Bank/Insurance Kin Southwark/Londo Clerkenwell/Fa Cana Hamm Figure 3 Rent Free Periods By London Sub-market Q Based on a 5 year lease Based on a 10 year lease Months Source: Carter Jonas Docklands City - Fringe Bank/ Insurance District City - Bank/Insurance District City Fringe (North) Midtown West End - excluding Mayfair/St James's West London West End - Mayfair/St James's South Bank The aftermath of the banking crisis has changed the landscape of the Central London office market Tenant demand The aftermath of the banking crisis has changed the landscape of the Central London office market. Banks and international law firms, which have traditionally been the main drivers of the Central London office market, are rationalising their operational property holdings and shedding surplus office space in order to cut costs. However, new sectors of demand have been emerging over the last months. The technology, media and telecoms (TMT) sector has proved to be a very active participant in the Central London office market throughout 2012, particularly in areas such as Holborn, Farringdon and Clerkenwell which offer significantly less expensive accommodation than the West End and a less formal working culture than the City. Demand from the TMT sector has been fuelled by a combination of technological innovation and increased demand for online business, retailing and entertainment services. Some of the larger Central London office lettings above 50,000 sq ft have, over the last 18 months, been to the likes of Google, Facebook, Skype, Telefonica and LinkedIn. Facebook and Twitter are both reported to be seeking additional office space of between 20,000 and 30,000 sq ft and Google has just completed the purchase of a site at King s Cross Central where up to 1 million sq ft of office space is to be developed for the company. The insurance sector has proved the mainstay of demand for office space in the City throughout 2012 due to a combination of lease expiries, break options and sector consolidation. Insurance broker Jardine Lloyd Thompson completed the largest City letting for several years, taking 180,000 sq ft at the St Botolph Building, EC3. Insurers Ascot Underwriting, Liberty International, Markel, Tokio Marine Kiln and Royal and Sun Alliance have all exchanged contracts in the last nine months to collectively lease 8 Carter Jonas March 2013

9 a total of circa 347,000 sq ft/53% at Land Securities/Canary Wharf Groups Walkie Talkie building, 20 Fenchurch Street EC3, construction of which is due to complete in April Re-insurer Amlin has also recently announced that it is to take circa 110,000 sq ft at British Land s/oxford Properties Leadenhall Building, Leadenhall Street, EC3, which is currently under construction and scheduled for completion in mid Notwithstanding the increased demand for office space from the insurance and TMT sectors, overall the pattern of demand for office space across Central London has been patchy, at best, during 2012 when measured by the volume of leasing transactions completed and the number of occupiers actively seeking office space. Weak tenant demand has been precipitated by a combination of the ongoing Euro crisis, the UK Government s programme of deficit reduction initiatives and a lack of confidence in the financial markets which has been exacerbated by anaemic growth in the Chinese and American economies. Redevelopment and refurbishment and their effect on tenant demand A significant proportion of demand for office space in the Mayfair, Victoria, Holborn, Old Bailey/St Paul s and Southwark areas over the last 18 months has been derived from tenants that have been displaced as a consequence of increased development activity as developers such as Land Securities and British Land, which are not reliant on debt funding, re-commence their development programmes which were put on hold during the 2008/09 banking crisis. A significant proportion of landlords are also choosing not to renew leases to existing tenants, preferring, instead, to refurbish and re-fit existing buildings located in areas that have experienced high levels of rental growth such as the West End and South Bank, in anticipation of achieving higher rents. The supply of vacant office space The vacancy levels of new and refurbished Grade A space in prime and good secondary locations within the City, Mayfair, St James s, Holborn and Southwark areas are at historic lows. Reduced vacancy levels, rather than resurgent tenant demand, has continued to underpin the rental growth and the narrowing of rent-free periods that has occurred throughout the Central London office market since Q Due to the virtual absence of speculative office development starts from 2008 to 2010, the number of new development completions that would have typically added to the stock of available floor space in continues to remain at historically low levels. Reduced vacancy levels, rather than resurgent tenant demand, has continued to underpin rental growth carterjonas.co.uk/officesearch 9

10 Speculative office development Improved demand for Central London office space, and the 25% plus rise in office rents in many parts of Central London since the low point in the market in mid 2009, has catalysed the return of speculative development. The increase in office rents has played an important part in incentivising property investment companies, pension funds and developers that are not reliant on debt finance to resume their speculative office development programmes that had been postponed during However, the current wave of speculative office developments and refurbishments is unlikely to be sufficient to meet demand assuming that it returns to its long-term average. The under-supply of Grade A office space is likely to persist throughout many parts of the Central London office market for the foreseeable future, until there is a significant improvement in tenant demand and the availability and cost of development finance. The conversion of office buildings to residential use Despite the economic turmoil over recent years, as well as recent changes in stamp duty land tax rules, there has been an influx of overseas investors, particularly from Europe and the Far East, eager to buy into the prime Central London residential market due to it s perceived safe haven status. As a consequence there has been a significant rise in the capital values of prime residential property over the last couple of years. This trend has been further boosted by a favourable exchange rate. Incentivised by the appreciable rise in residential property prices, there has been an increasing trend for developers to purchase office buildings for conversion/ redevelopment to higher value residential use. The combination of market forces and the recent introduction by central government of developer friendly town planning policies towards the residential conversion/development of commercial buildings, have resulted in a significant erosion of the poorer quality stock of Central London office buildings which, coupled with limited office development activity during the banking crisis, has reinforced the reduction in office vacancy levels and underpinned rental growth. One of the most high profile office to residential redevelopment schemes is Bowater House, Knightsbridge, SW1, which comprised circa 250,000 sq ft. The building was demolished in 2007 to make way for Candy & Candy s One Hyde Park residential development. While the conversion/redevelopment of office buildings to residential use has been focussed principally in the West End, Midtown and Southwark/South Bank areas, the City of London has also witnessed an increase in office to residential conversion/ redevelopment, examples include, The Heron an apartment block located off Moor Lane, EC2 that has been developed on the site of a former commercial building. A similar trend is evolving in Aldgate in the east City fringe. Some local authorities such as Westminster City Council are, however, now beginning to review their policies towards the conversion of commercial buildings to residential use as the trend towards the migration of businesses, and employment, towards London Boroughs where there is a greater choice of lower cost office space, gathers momentum. Migration from the West End Business rates in prime West End office locations such as Mayfair and St James s are set to increase by up to 25% with effect from 1 April 2013 for those properties that are subject to transitional business rates relief - the government scheme which phases in the full effect of the 2010 business rates revaluation over the four year period to 1 April Due to the way in which commercial properties are valued for business rates assessment purposes, the rates payable on office space located in the West End have increased by up to 50% since Q for properties that are subject to transitional relief. This is in contrast to Midtown / Holborn/Covent Garden, where business rates increases have been more modest; between circa 18% and 46% since April In the City of London business rates have increased by circa 35-45% over the same period. Office buildings constructed after 31 March 2010 will not benefit from transitional relief and occupiers will be required to pay the full business rate. Typical business rates payable for prime located, new, Grade A office space in Mayfair and St James s are circa to per sq ft pa. Business rates for refurbished Grade A space located in good secondary West End office locations such as Victoria and Marylebone are, by comparison, currently to per sq ft per annum for those properties that benefit from transitional relief. Contrast with Midtown /Holborn/Covent Garden and the City of London where business rates are typically to per sq ft pa and to per sq ft pa respectively for properties that are subject to transitional relief. In tandem with the substantial increases in business rates payable on a significant proportion of West End office properties since April 2010, there has been an increase of over 25% in office rents over the same period in many parts of the West End, reflecting the acute shortage of good quality, well located, office space that is available to let. The combination of increased business rates and office rental costs has prompted many West End based tenants to migrate east to locations such as Holborn, Farringdon, Clerkenwell and The City of London as well as to established office locations to the west, including Paddington and Hammersmith, where business rates and office rents are appreciably lower. As well as the cost advantages that these locations offer, there are also higher levels of vacant Grade A space which afford better tenant choice and the increased probablility of accommodating larger floor area requirements on one floor. 10 Carter Jonas March 2013

11 Market trends & 2013 forecasts Many of the speculative office developments that were implemented during 2011, following the resumption of rental growth in most of the Central London office sub markets, will be complete during the second half of 2013 and the first half of However, the volume of new office space that will be delivered into the market is unlikely to relieve the upward pressure on rents significantly if tenant demand returns to its long term average, assuming that sustained economic growth is restored during the next few quarters. Refurbished office space in good secondary locations in Mayfair and St James s such as Dover Street and Jermyn Street are likely to increase by circa per sq ft pa during 2013 due to the acute shortage of vacant floor space in prime areas. Locations on the periphery of Mayfair and St James s, such as Marylebone, Soho, Victoria and Paddington, are also likely to continue witnessing increases in office rents, albeit at more modest levels, as demand spills over into lower cost neighbouring areas. Until there is a sustained return to growth in employment in the financial services sector it is unlikely that there will be any significant increases in office rents for new prime located City of London buildings in We believe that it is likely to be the second half of 2013, at the earliest, before there is a resumption in the growth of financial service sector employment, assuming that world economic growth is sustained and that confidence returns to the financial markets. By contrast, the rents for well located, good quality, refurbished office space in the City of London and City fringe areas are likely to increase by circa per sq ft pa during 2013 as occupiers based in higher cost locations in the West End continue to migrate east in order to reduce their property overheads and as existing City based occupiers also seek better value in refurbished office space, rather than leasing more expensive new space. While the technology, media and telecoms sectors will, to some extent, continue to fill a proportion of the demand gap created by the banking/ financial services sector, it is unlikely to be sufficient to boost office demand towards it s long term trend. The pattern of demand for office space across most of the Central London office submarkets is likely to remain patchy at least throughout the first half of 2013 and may persist beyond the second half of the year if there is no return to sustained economic growth. In the medium term, and notwithstanding current, weak, tenant demand, we believe that prime office rents for well located refurbished and new Grade A space in Central London will rise by an average of 5-10% by 2015 due to ongoing supply side constraints, which are unlikely to improve appreciably in the next few years. Rental growth is likely to be more pronounced in locations such as Mayfair, St James s, Marylebone, Soho and South Bank areas where office vacancy levels are particularly low. Providing that the UK economy returns to sustained growth in 2013, it is likely that during the second half of 2013 rent free periods throughout most of the prime and good secondary office locations in Central London will narrow by 1-2 months, based on 5 10 year leases, as persisting supply side constraints continue to limit tenant choice. The significant increase in rents and business rates costs since Q in locations such as Mayfair, St James s, Marylebone and Soho is likely to result in the continued migration of tenants in cost sensitive business sectors such as the media and business services sectors to lower cost areas such as Holborn, Farringdon, Clerkenwell, Shoreditch and secondary/fringe City locations such as Blackfriars, St Paul s, Liverpool Street, Finsbury Square and Tower Hill and Hammersmith and Paddington, to the West. Tenants are likely to continue taking advantage of lease events such as break options and lease expiries to re-negotiate existing tenancies or else relocate to lower cost accommodation/a cheaper location. Property overheads are often the second largest outgoing for a business after staff costs. The trend towards occupying less floor space, following a lease expiry or exercise of a break option, is likely to continue due to advances in mobile data/ telecoms technology and changes in working practices such as hot-desking. Home working policies and reduced desk sizes are also being adopted by tenants in order to enable lower levels of floor space to be occupied. carterjonas.co.uk/officesearch 11

12 The Tenant Representation Team The Tenant Representation Team does not provide property consultancy services to landlords. Our tenant representation services include: Commercial Centres Office search and relocation management services Building, air conditioning and passenger lift surveys Lease and rent review negotiation Business rates analysis and appeal Relocation budgeting and planning Service charge audit Repairs/dilapidations assessment and negotiation LEEDS For more information on the Central London office market, office availability, rents and rent free periods and budgeting and planning for a lease renewal, rent review or office relocation please contact: Catherine Penman, Head of Research catherine.penman@carterjonas.co.uk Michael Pain, Partner michael.pain@carterjonas.co.uk OXFORD CAMBRIDGE Jeremy Gidman, Partner jeremy.gidman@carterjonas.co.uk Jonathan Hebb, Associate jonathan.hebb@carterjonas.co.uk BATH WINCHESTER LONDON Tim Atherton, Surveyor tim.atherton@carterjonas.co.uk commercial@carterjonas.co.uk Berger House, Berkeley Square, London W1J 5AE carterjonas.co.uk/officesearch About Carter Jonas Carter Jonas commercial has dedicated, specialist teams in six major locations throughout England offering strategic and consultancy advice in the key commercial sectors of Landlord Services, Tenant Services, Agency, Business, Science and Industrial Developments, Valuations, Investment and Asset Management, Planning and Development. Carter Jonas is therefore well placed to offer regional and national advice on all matters relating to commercial property to both corporate and private clients. The information set out in this document is provided for guidance purposes. We recommend that the advice of an experienced, qualified, property consultant is sought prior to exchanging contracts or making any irreversible strategic lease renewal, rent review or relocation decisions. The contents of this document are protected by copyright and should not, in whole or part, be published or otherwise reproduced, without the prior written approval of Carter Jonas LLP. Carter Jonas March 2013 carterjonas.co.uk/officesearch 12