Jane Street is doubling its London office space after outgrowing its current premises near Liverpool Street during a period of breakneck growth for the specialist trading firm. The firm is taking 465,000 sq ft at One Spitalfields in a so-called pre-let deal, in which a tenant commits to a lease before the building is completed. The site currently houses law firm A&O Shearman, which plans to move out in 2027. Jane Street will be able to move in after 2029, after JPMorgan Asset Management has finished redeveloping the building.

Jane Street, which employs over 3,000 people globally, has established itself as a trading powerhouse with revenues in excess of any of the Wall Street banks that previously dominated market making. It will move to its new location from 2½ Devonshire Square near Liverpool Street, where it occupies just over 200,000 sq ft. Jane Street does not expect to occupy the new space until four years from now, a person familiar with the matter said. The firm had considered taking space at Deutsche Bank’s former headquarters at 75 London Wall and the Dovetail building, both of which are under construction, the FT previously reported.

Large companies are starting to search for offices earlier and are willing to pay high prices for City space, which is at a premium because of a lack of development in recent years. Unlet, under-construction space only fulfils 1.3 years of demand, according to real estate group CBRE. Companies are also staying put for longer. Vacancy rates fell below 8 per cent at the end of the second quarter, CBRE data show, down from 10 per cent a year earlier and below the long-term average. Another City office building currently under construction — Fifty Fenchurch — has pre-let 145,000 sq ft to data provider S&P Global, according to people familiar with the matter.

The City is fighting its own battle for development. It has warned that a proposal to protect views of the Tower of London would result in up to 1mn fewer square feet of office space being built in the latest high-profile dispute between developers and conservationists in the capital. Michael Ramm, head of real estate for Europe at JPMorgan Asset Management, said Jane Street’s move marked “the largest off-plan pre-let in the City in more than a decade, underscoring demand for best-in-class space . . . We’re proud to partner with Jane Street and look forward to delivering a world-class office for their long-term occupancy.” CBRE advised Jane Street. Additional reporting by Costas Mourselas and Jill Shah.