Total take-up in 2012 amounted to 458,644 sq ft, with a total of 136,327 sq ft in Q4 – the highest performing quarter of the year. This does not include a significant pre-letting in the CB1 area, which we understand will exchange early this year. For a breakdown of take-up by size bracket click here.
Despite the economic backdrop, total take-up for 2012 is on par with the previous five year average take-up level of 460,500 sq ft. For an annual comparison of take-up click here.
Technology Media and Telecommunications (TMT) and pharmaceutical occupiers increased their dominance of the market, accounting for 50.9% of transactions in 2012.
After four consecutive quarters of reducing levels of demand, we saw a 53.6% increase in Q4. There is currently a proliferation of agent-led requirements, reflecting the increasing importance of professional advice in a market with a lack of quality space, and where rental and lease terms continue to favour landlords.