- Total of 9 occupiers signed up for space in excess of 10,000 sq ft
- New record rent of £34.50 psf for the city centre market
Whilst the number of new enquiries across the market has continued to fall, there has been good take-up across the market across a variety of industry sectors. From a total of 28 deals in the city centre, the average deal size has returned to 5,958 sq ft which is in line with the 5 year average.
Of these 28 city centre deals, five were Grade A space lettings, with three deals done at Aurora to Parmenion Capital, Experis Ltd and Amdaris, as well as the Arts Council England’s acquisition of 66 Queen Square and the new pent house suite that is going to be constructed at Eagle House for Immediate Media. The out of town market saw 18 deals cross the line with an average deal size of 6,479 sq ft which again is in line with the 5 year average.
Headline rents in the city centre have increased this quarter following Amdaris’ acquisition of a self-contained ground floor suite totalling 3,194 sq ft at Cubex’s recently completed Aurora. The scheme has been the only speculative development for over a year in the city centre and it has reaped the rewards of being brave as it is now 85% let with just one floor remaining of 15,522 sq ft.