The TMT sector continues to help drive the high level of demand in the City and was responsible for 22% of overall take-up in Q2 2015.
The sector’s natural draw to City fringe locations was again evident with Expedia taking close to 60,000 sq ft at Angel Square & DKLW Lowe’s 47,000 sq ft deal on City Road. Helical Bar’s new development ‘The Bower’ located by Old Street Roundabout has also scored its first deal at a reported mid £60.00 s per sq ft.
Uber’s much anticipated 30,000 sq ft deal at Aldgate Tower signalled the arrival of the location as a new TMT destination, further supported by the 60,000 sq ft deal to WeWork within the same building at rents ranging from low-mid £50.00 s per sq ft.
It is also remarkable to note rents in once and heralded fringe locations. For example UBS launched its 99 Clifton Street refurbishment this month at a quoting rent "from £65 per sq ft". This level is comparable to new low-rise buildings in the City core.
Newton Perkins has also been active within the TMT sector and these locations. We are close to signing a letting at 79 Clerkenwell Road. We are expecting to realise the enhanced activity and rental growth when we launch our upcoming accommodation at 44 Paul Street, EC2.