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London – April 2014.    The Savills research team have recently launched their latest report – an overview of supply and demand for real estate in the City of London. The key points to note are:

 

  •  City take-up for March 2014 increased on the previous month to 382,818 sq ft, resulting in take-up to date being 1.1m sq ft for Q1  2014. This reflects a significant increase of 15% on take-up at this point last year.
  •  It is worth noting that City take-up should remain steady for Q2 with an impressive 2m sq ft currently under offer.
  •  Furthermore, March alone saw 1.2m sq ft go under offer. M&G provided a large contribution to this amount after taking 380,000 sq  ft at 120 Fenchurch Street, EC3.
  •  Businesses in the Insurance and Financial sector have been responsible for the largest amount of space taken up in the City so far this  year at 38%. The sector as a whole is also actively searching for 2.2m sq ft within the City, representing 25% of current demand.
  •  City supply has increased by 4.4% on last month's figures, rising to 7.9m sq ft, this equates to a vacancy rate of 8.3%.
  •  Total City demand has remained the same as last month, amounting to 8.5m sq ft, which is nearly a million sq ft more than at the end  of Q1 2013. Therefore, if you couple this with the fact that supply is down on last year by roughly 600,000 sq ft, it would be  plausible to say the success of 2014 will depend on whether supply is able to keep up with demand. An important factor in whether  supply will satisfy demand is the 1.5m sq ft worth of developments and refurbishments due for completion within 2014. Moreover, it  is important to acknowledge that in March 80% of transactions that took place were for space less than 15,000 sq ft. Currently in the  City 73% of space under offer is for units of less than 25,000 sq ft. This supports our earlier market prediction that 2014 will see a  significant increase in the take-up of small to medium sized units.

 

 To get a complete report please or for more information please contact the Savills team. 

Peter Thursfield

Ben Raywood

Savills City Agency
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T: +44 (0) 207 409 8928

Savills Commercial Research
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