Combined take-up across the city centre and out-of-town reached 124,527 sq ft in Q4 2017; some 35% down on the same period in 2016. Albeit, there were a number of transactions in solicitor’s hands that had aimed to conclude in December which carried over into January. Consequently, Q1 2018 is expected rebound significantly in both the city centre and out-of-town respectively.
Total annual take-up figures for 2017 did fall below the five year average in both the city centre and out-of-town market at 178,000 sq ft and a 453,000 sq ft respectively, however there is an expectation that 2018 will return to normality.
Notable transactions included HSBC’s acquisition of 4,562 sq ft at Central Square South, Frank Recruitment Group’s 3,300 sq ft letting at St Nicholas Building and Condeco’s 5,000 sq ft letting at Gainsborough House.