Office take-up in 2014 has been disappointing compared with 2013's 2.46m sq ft total; 56% higher than take-up in previous years which hovered between 1.6-1.75m sq ft.
Q3 2014 saw 446,000 sq ft office take-up; a much more respectable figure than we saw in Q1 and Q2 this year. However, it is still way short of the 2013 Q3 total of 1m sq ft.
Total take-up to the end of Q3 2014 stands at 980,000 sq ft, compared to 1.95m sq ft in the corresponding period last year. A year-on-year comparison shows a fall of some 50%.
We expect Q4 take-up to bring further improvement, so our year end forecast for total office take-up is 1.5-1.6m sq ft, anticipating a return to what may be described as the 'modern norm' (last years' bumper aside).