City of London specialist agency Ingleby Trice (IT) has hailed the final quarter of a record-breaking 1997 for lettings in the City as a record in itself.
Last year saw the highest level of take-up the City has seen since 1975, according to the firm, with occupiers signing up for a total of 387,385 sq m (4,169,814 sq ft).
According to IT’s latest report, the take-up figure of 144,705 sq m (1.55m sq ft) for the final quarter of 1997 is the highest quarterly figure since its records began in 1975. The next closest quarter was the third quarter of 1987, which was 2,787 sq m (30,000 sq ft) lower.
The firm’s Malcolm Trice noted that the year end saw little slow-down in terms of letting activity. “December’s City take up was the second highest in 1997 after October and finished an exceptional final quarter that showed the highest quarterly take-up since our records began.”
Largest deal in the City in December was the 18,060 sq m (194,402 sq ft) preletting of 33 Old Broad Street, EC2, to the Halifax. Trice also pointed out that the International Financial Centre has seen activity with some 1,322 sq m (14,235 sq ft) being let on three floors to lawyer Paul Hastings Janofski and Walker, Grosvenor Holdings and Unibanco.
Availability in the City fell to 400,172 sq m (4.3m sq ft) in December. This is a drop of 7.23% on November’s total.
EGi News 20/01/98
