savills

The key findings of the Savills London City Office Watch report have concluded that:

• Take-up this month reached 635,000 sq ft, bringing the year-to-date total to 4.1m sq. ft. This is on par with average levels and 19% up on the same period in 2011

• By the end of November total supply had fallen by 7% to 7.75m sq ft, giving a vacancy rate of 9.6%

• 69% of offices taken this year have been either new or recently refurbished; the amount of Grade A space leased by the end of November being 14% up on average

• New or recently refurbished offices continue to make up around 77% of available space, 12 Grade A buildings each having availability over 100,000 sq. ft.

• Total demand remains around 15% below average levels

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