Increased occupier demand translated to a rise in letting activity, with H2 take-up reaching 331,259 sq ft. While this failed to exceed H2 2014’s 413,959 sq ft of take-up, it did represent a 40% increase from H1 2015.
Overall, city centre take-up in 2015 totalled 568,493 sq ft, down 13% on 2014 and 19% on 2013. Despite this, 2015 was up 9% above the 5-year annual average, providing evidence of the market’s resilience following a stellar 2013 which saw take-up reach 704,235 sq ft.
Occupier demand in H2 largely derived from firms within the Professional Services sector and the Finance / Banking sector. Together, these sectors accounted for 70% of total take-up.
2015 welcomed three new Grade A office schemes to the market which proved to be popular with occupiers in H2. A total of 120,783 sq ft of Grade A office space was committed in H2, accounting for 45% of total H2 take-up. Grade B and Grade C transactions represented 35% and 20% respectively.
Source : Knight Frank