April’s take-up figures for the City of London – a total of 39,959 sq m (430,111 sq ft) – are the highest since October 1994, according to Ingleby Trice’s monthly report.
This is an increase of 25.62% on March’s take-up figure of 31,809 sq m (342,405 sq ft) and is up 14.18% on the six monthly average of 34,996 sq m (376,697 sq ft).
However, this is dwarfed by the 52.6% rise of take-up for the month of April reported in the City fringe which totalled 74,983 sq m (807,110 sq ft).
Fringe take-up was boosted by BAT Industries prelet of Hammerson’s 17,024 sq m (183,000 sq ft) Globe House on Temple Place, WC2, and lettings at Fox Court, Gray’s Inn Road, WC1 and The Adelphi on John Adam Street, WC2.
However, the space the DSS is taking in The Adelphi is not as large a net gain as it appears. The department is moving from the upper floors and freeing them up for refurbishment.
Take-up in the City includes the sale of the 15,285 sq m (164,531 sq ft) Nat West House in High Holborn, WC1 to Threadneedle and the Marchday Group. It is due to return to the market after refurbishment.
Availability in the City rose 0.16% to 486,888 sq m (5.2m sq ft) over March but the total for March/April is still at its lowest since November 1995, and the second lowest since February 1989.
New developments completed include Greycoat’s 7,883 sq m (84,860 sq ft) 1 Great St Helen’s scheme in EC3 and 9,903 sq m (106,595 sq ft) at MEPC’s 1 Carter Lane, EC4. “These are the advance guard of the next ‘ripple’ – wave is too strong – of supply,” said Malcolm Trice.
EGi News 27/05/97
