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A Look Back
2022 proved subdued in the West London market, with a shortage of significant transactions. The biggest deal was Penguin Random House's freehold sale of 49,247 sq ft to The University of West London in Ealing.
White City continued its success with lettings to Gravity Media and ME & EM in WestWorks. This means Cadillac Fairview's asset is fully let to a wide variety of tenants focused on the retail, life science and TV/Production sectors.
Hammersmith has welcomed occupiers such as Nomad Foods to 184 Shepherds Bush Road and Jack Morton to the Foundry. Both have taken tenant release space with the benefits of capital expenditure savings as they utilise existing fit-out.
245 Hammersmith Road has added to its life science roster with the arrival of Resolution Therapeutics. In addition, CF Partners relocated from 80 Hammersmith Road. There remain 125,000 sq ft to let at a rebalanced quoting rent from £55.00 per sq ft.
In 2022, Chiswick saw many enquiries going on hold until 2023/2024, with just the 32,000 sq ft letting Carallon boast about at 272 Gunnersbury.
A Look Forward
Mitsui Fudosan/AimCo/Stanhope will expect to see a positive lease up following the completion of Gateway Central and Gateway West. In addition, Q2 2023 has seen the completion of One Wood Crescent. Cumulatively, the three buildings offer almost 250,000 sq ft of ESG-focused best-in-class office space with rent aspirations in the mid £ 60's per sq ft.
Hammersmith has five developments under construction, amounting to 850,000 sq ft of office accommodation. The Fold and Pembroke in Kensington Village are set for practical completion in Q3 2023. Brookfield is developing the Refinery at Hammersmith Embankment, which will deliver 120,000 sq ft of lab-enabled space in 2024. Most significant is the highly anticipated arrival of 550,000 sq ft of office space as part of Yoo Capitals' £1.3 billion regeneration of Olympia to complete London's newest creative district.
With over 100,000 sq ft of office space under negotiation at Chiswick Park from multiple businesses, there is a positive outlook for 2023. The 'Enjoy Work' programme continues to play a key role in encouraging existing staff back to the office and is a major draw for new occupiers to the Park.