9th Jul 2025 10:41
(Alliance News) - British Land PLC on Wednesday said leasing momentum in its London office buildings has continued amid strong demand.
The London-based commercial property developer said leasing of Storey was strong at both Broadgate, near Liverpool Street Station in the City of London, and at nearby Norton Folgate.
Storey at 201 Bishopsgate is now fully let or under offer to 11 businesses, including DocuSign and the National Institute for Health & Care Research. This is in line with target pricing, at an 18% premium to traditional net effective rents, British Land said. Storey at Broadgate Tower is 67% let or under offer.
Storey is British Land's flexible office space brand.
Across the entire Broadgate office campus, 12 leases were signed in the three months ended June 30, the company's financial first quarter. These were at rents 4.1% ahead of estimated rental value, British Land said.
At Norton Folgate, there were 11 leasing deals for a total of GBP3.0 million of rent during the same period.
"This leasing activity takes Norton Folgate to 64% let or under offer, rising to 77% when including leases in negotiations. The property remains on track to be fully let by the end of the financial year," it said.
Kelly Cleveland, head of Real Estate at British Land said: "Leasing momentum at our City assets has continued into the new financial year due to the strength of demand and acute lack of supply in this part of London."
British Land shares were up 0.4% at 356.73 pence each on Wednesday morning in London, giving it a market capitalisation of GBP3.57 billion.
By Tom Budszus, Alliance News slot editor
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