A growing number of occupiers are shortlisting an ever-declining list of buildings for major office moves in the City of London.
Major companies moving closer to decisions include Japanese investment bank Nomura, US insurance broker Gallagher, global professional services firm Accenture, payment card services group Visa and law firm Mayer Brown.
Expected decisions come as a raft of new large-scale requirements are expected to be launched by companies including law firm Herbert Smith Freehills, with a circa 300,000-square-foot search, FTI Consulting and Stephenson Harwood.
A leading City adviser said: "It is great that so many office occupiers are now looking at large moves, especially as they have seen businesses need to be in the office, but the trouble is they are all looking at the same buildings; something has to give."
Market sources said Visa, which is being advised by CBRE, has shortlisted around five buildings for its requirement for between 150,000 square to 200,000 square feet of offices. They include: British Land and GIC's £200 million 1 Appold Street development at the Broadgate campus, LaSalle Investment Management, acting on behalf of Malaysian investor Permodalan Nasional Berhad and development manager M3 Consulting's One Exchange Square, and Castleforge and Gamuda's 75 London Wall all in the City.
Visa presently occupies around 195,000 square feet at British Land's 1 Sheldon Square in Paddington.
Law firm Mayer Brown, which has a lease event in 2028 at 210 Bishopsgate, where it occupies around 83,000 square feet, is understood to have shortlisted three buildings for its 120,000 square feet to 140,000 square feet requirement. They are again One Exchange Square, alongside British Land and GIC's 2FA at the Broadgate Campus, as well as staying put at 210 Bishopsgate.
Nomura, advised by Newmark, is looking for between 250,000 square feet and 300,000 square feet. It may stay put at Union Investment's 1 Angel Lane, Watermark Place but is also understood to have shortlisted One Exchange Square and 75 London Wall.
As these occupiers move close to making decisions, market sources said a number of fresh large-scale requirements have been or about to be launched.
CoStar News understands ratings agency Standard & Poor's is preparing to seek an adviser for an 150,000-square-foot office in the City. It is based in around 100,000 square feet at 25 Ropemaker Street.
Separately business services consulting group FTI is understood to be considering formally launching a search for up to an 120,000-square-foot office. It occupies several buildings in central London.
Law firm Stephenson Harwood, which is headquartered at 1 Finsbury Circus, is also understood to be set to appoint an adviser to advise on options for an 100,000-square-foot office in central London.
Law firm Herbert Smith Freehills is set to relaunch a requirement, via retained agent Cushman & Wakefield, for up to 300,000 square feet in the capital. It is located at Exchange House on Primrose Street and has a lease expiry in 2030. Law firm Simmons & Simmons is continuing to review options for as much as 200,000 square feet. It is advised by Cushman & Wakefield and is based in Brookfield's CityPoint tower on Ropemaker Street.