Take-up in 2016 got off to a solid start with January take-up reaching 564,000 sq ft. The largest deal of the month was WeWork’s 106,800 sq ft acquisition of 2 Eastbourne Terrace in Paddington.
This marks WeWork’s 10th Central London deal in two years bringing space acquired by the Serviced Office provider to 677,800 sq ft. Last year take-up by this sector accounted for a 9% share of total demand, up significantly on the five year average (2010-14) of 3%.
The vacancy rate continues on its downward trend reaching 4.15% in January or 9.13m sq ft of supply, from 4.33% at the end of 2015 (9.53m sq ft).
Source : BNP Paribas Real Estate