Q1 take-up amounted to 85,000 sq ft, marginally up on Q4 2012, albeit down 26% on a year ago. The office market continues to be slow moving, with Grade A requirements being particularly slow to convert to actual deals despite active named requirements remaining at a healthy 300,000 sq ft.
Prime headline rents have stabilised at £27.00 per sq ft and net effective rents are stable at £21.00 per sq ft – down from £25.50 in mid-2009.
The availability of new and Grade A space stood at just 315,000 sq ft in Q1, down from 360,000 sq ft in Q1 2012.
Source : Knight Frank