The second half of 2015 saw particularly strong occupier demand in the city centre office market, with take-up in Q4 alone totalling 267,187 sq ft. This brings the half year total to 381,682 sq ft, and the full year total to 682,681 sq ft, which is the second
highest on record since 2000. Annual take-up in 2015 was 24% above the previous year’s 549,126 sq ft and 21% above the 5 year annual average of 563,992 sq ft .
Two of the largest deals were Allied London’s lettings to Sky at New Dock for 60,522 sq ft and 36,500 sq ft, totalling 97,022 sq ft. Other notable deals in this period included the 14,471 sq ft letting of F&C’s 1 City Walk to patent attorneys Harrison Goddard Foote and a 13,000 sq ft letting to Leeds University at 21 Queen Street, previously home to Axa.
Of the 89 leasing transactions in the second half of the year, 80% were below 5,000 sq ft, 10% were between 5,000-10,000 sq ft, and 10% were above 10,000 sq ft. However, the deal profile was less skewed in terms of size, with 34% of total take-up in the sub 5,000 sq ft bracket, 15% in the 5,000-10,000 sq ft bracket and 51% from deals over 10,000 sq ft.
Source : Knight Frank