Take-up of office space in the
In April, City take-up reached 337,631 sq ft, according to real estate giant
Year to date take-up has now reached 1.11million sq ft in total, with 92 per cent of the space taken being of Grade A quality, the firm said. Supply has also decreased to 12 million sq ft, equivalent to a vacancy rate of 8.7 per cent.
Deals
Despite the increased monthly take-up, April saw the lowest number of deals so far this year (12), nevertheless, three notable pre-lets aided the month’s take-up figures.
JLL acquired a pre-let of the 6-8th floors at British Land’s 1
Another sizeable pre-let saw laboratory diagnostic provider
purpose-built pathology laboratories in the
Looking more widely across central
This comprises 7.1m sq ft of active requirements and 3.0m sq ft of potential requirements. Active demand is up 8 per cent on the five-year average.
“As the success of the Covid-19 vaccine rollout continues and the relaxation of regulations increases, we have witnessed a rise in total demand in the City,” said
“Occupiers have accepted that even future hybrid working models are likely to require them to have the same quantum of office space and are moving fast to take the best quality space, as witnessed by 92 per cent of offices taken this year being Grade A.”
“The vacancy rate is also slowly falling back, with tenant-released supply, or ‘grey space’, also now only just above the five-year average,” Pearce concluded.
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