The take-up of office space in both the City and the City fringe rose sharply in March, according to Richard Saunders & Partners’ most recent City Floorspace Survey.
City space let or placed under offer during the month increased to 561,117 sq ft, more than double the total for February and 75% more than the six-monthly average. Buildings taken off the market include 5 King William Street (81,773 sq ft), St George’s Court, 51 Eastcheap (78,686 sq ft), 24 Lombard Street (75,500 sq ft) and 154 Fenchurch Street (26,540 sq ft).
Availability within the City boundaries fell by nearly 350,000 sq ft to 1.24m sq ft, the lowest level in the last six months.
In the City fringe, space taken off the market increased to 656,021 sq ft, compared with 332,372 sq ft in February. Buildings involved included 2 Finsbury Avenue (104,000 sq ft), Invicta Plaza (174,000 sq ft), 1-3 Norton Folgate (18,080 sq ft) and 50 Banner Street (23,770 sq ft).
Available space in the City fringe dropped to 2.1m sq ft from nearly 2.5m sq ft.
