Bankside:
Market Synopsis

The shear volume of high quality schemes in the pipeline gives strong claim for Bankside to be one of the most exciting locations at this time. For the time being, however take up has been very strong with in excess of £1.35 Million being let, resulting in one of the lowest availability levels recorded at only 3%. One huge prelet dominated the South Bank in the final Quarter of 2007 when Royal Bank of Scotland acquired Bankside 2 & 3 from Land Securities PLC totalling 378,000 sq ft together with various sublettings at IPC”s Blue Fin Building providing over 500,000 sq ft disposed in the scheme. Rentals for Grade A space have hardened at £50 psf & the rental gap has now increased when compared with second hand office rents creating a two “tier market”.

If the majority of the new developments, prelet in the future, at the fast rate experienced in 2007, Bankside will continue to be an increasingly recognised office location and is already being described as the new “Manhattan” of London.