As take-up increased, availability of stock on the market dipped slightly at 2,200,084 sq ft, a drop of 33,077 sq ft or 1.48% on the previous quarter. However, year-on-year there has been an increase overall, of 134,345 sq ft or 6.50%, which we attribute to construction of new schemes reaching completion and being readily available to the market.
As expected, given the level of take-up, Q3 figures show that there was a decrease in prime stock from the previous quarter, at 452,727 sq ft, representing a reduction of 27.5% or 171,761 sq ft on Q2. However, year-on-year there has been an overall increase of 90,403 sq ft or 24.95%, which strengthens our views above.
Secondary stock saw an increase in availability, totaling 1,608,673 sq ft; a rise of 138,684 sq ft or 9.62% on the quarter. Year-on-year, however, we have witnessed a small increase of 43,942 sq ft or 2.58%.
During Q3, we monitored those properties currently listed as “under offer”, which amounted to circa 300,000 sq ft or 13.6%, of the total available stock. If we consider that 504,359 sq ft was let or sold in Q3, then the market is on track to perform at a similar level in Q4. Looking at the total take-up in 2016, which was over 1.8m sq ft, at the end of Q3 2017, we have recorded 1.2m worth of transactions. Therefore, we anticipate the market will show a take-up similar to what was achieved in 2016.