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BDGSP - Sub Market Office Report Q1
Summary
- Source: BDGSP
- Market: Office
- Date: Jan 2021
Key take aways
- Supply eased in Q1 2021
The pace of increase in supply eased in Q1 2021, with total availability rising by 26,900 sq ft to 774,300 sq ft, the lowest quarterly increase since the onset of the pandemic
- Availability has increased by 69%
Total availability has increased by 69% over the past 12 months, with the main rise in availability being in Grade A space, which now stands at 401,000 sq ft. There has been greater release of larger floors/suites, with availability in spaces of 5,000 sq ft and above accounting for 87% of the overall increase.
- Take up in the West End
Take up in the West End remained on a similar trend to the previous 12 months in Q1 2021, with a total of 366,200 sq ft of lettings across 80 transactions. Grade A take up accounted for 50% of the first quarter’s activity, with the largest Grade Atrans action being the 30,000 sq ft by Cross tree to WaypointCapital at 1 Berkeley Street.
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