EBRD Calls in Colliers to Market Surplus City Space
Property News - EBRD Calls in Colliers to Market Surplus City Space
The European Bank for Reconstruction & Development (EBRD) has instructed Colliers International’s City Offices team to market 40,000 sq ft of offices at One Exchange Square, EC2 and 17,000 sq ft at 155 Bishopsgate EC2.
Colliers was selected through a competitive tender process, to sublease the space following a reconfiguration of office space by EBRD at the two buildings. The company had previously sublet the space at 1 Exchange Square to Deutsche Bank.
Colliers’ City Offices team has also been instructed to let a further 12,000 sq ft of new build offices at 240 Blackfriars Road SE1 on behalf of United Business Media (UBM). This follows the recent letting by Colliers of 17,000 sq ft to managed office provider, Instant Managed Offices (occupied by digital entertainment content providers, Square Enix as part of a management agreement with Instant).
Simon Crotty, Head of City Offices at Colliers International, said, “The complete shortage of supply and new stock coming through the West End markets has meant that occupiers are increasingly migrating to the City, where rental levels remain competitive and very good value at the moment. We do expect a knock-on effect of this migration in 2015, likely to result in a sharp increase in rental growth as competition increases for the completed schemes completing throughout the year.”