There are more than than 3 million square feet of active office requirements across the Greater London and South East office market, with Coca-Cola, Apple and sports and culture agency IMG Media among the famous names linked to moves as record rents are set in a number of locations.
According to Savills' Commercial Market in Minutes report on the area, there are 3.54 million square feet of active searches.
It lists Coca-Cola Europacific Partners, the bottling business based at 2 Bakers Road in Uxbridge, as having a requirement for around 90,000 square feet in west London. BNP Paribas Real Estate is advising.
Savills also says EasyJet has an 100,000 square feet requirement. The group, which is advised by LSH, is based at Hangar 89 in Luton. The Civil Aviation Authority is targeting 60,000 square feet in the Crawley and Gatwick area according to Savills. It is based at Aviation House in Crawley and BNPPRE advises the CAA.
CoStar News understands that US tech giant Apple has launched a 15,000-square-feet search in St Albans via Cushman & Wakefield. It is based at 4 Victoria Square by the Thameslink station in around 22,500 square feet.
Elsewhere in the Hertfordshire city, Ensoft, the Cisco-owned software company, advised by JLL, is eyeing around 25,000 square feet. The group is based at 4-6 Arden Grove in nearby Harpenden.
Also in the Thames Valley, Deloitte, which is being advised by Savills, is understood to be zeroing in on options in Reading for a circa 45,000-square-foot move, with 2 Forbury Place and 1 Station Hill understood to be in the running.
It is thought that Deloitte could decide on a short-term, two-year lease and return to its current home at Schroders Real Estate's' Abbots House in Reading if its landlord commits to refurbishment works.
Siemens, advised by CBRE, is also looking for around 40,000 square feet of offices with Kennedy Wilson's Botanica in Slough and The Core Maidenhead development understood to be potential moves.
In addition, 3M, advised by Colliers, is closing in on a 35,000-square-foot move at Winnersh Triangle in Reading.
A major requirement for IMG, the sports media giant, is also understood to be in the market. The group is based in offices at Building 6 at Chiswick Park and studios at 5 Longwalk Road in Stockley Park and is understood to be considering options for an 80,000-square-foot office with Newmark advising.
Solicitors Boyes Turner, advised by Vail Williams, which is based at Abbots House in Reading, is receiving advice on a potential 15,000-square-foot to 20,000-square-foot move in the area.
American mobile communications company Zebra Technologies, via JLL, is looking for around 30,000 square feet in Maidenhead, while US food group General Mills, also advised by JLL, is thought to be looking for around 25,000 square feet of offices in the Stockley Park, Uxbridge and west London areas.
With the development pipeline at an all-time low, Savills reports that more rental growth is expected. Already in the third quarter, Chelmsford’s headline rent increased by 14% to £32 per square foot, Farnborough saw rents rise to £35 per square foot, and a letting to Skechers in St Albans pushed the headline rent to £43 per square foot.
Savills writes: "These rental uplifts reinforce the trend of occupiers being prepared to pay premium rents amidst the ongoing flight to quality and a lack of options across the market."