London’s office market has started this year with its lowest quarterly take-up figure since the first three months of 2012. The 1.9m sq ft in completed transactions is a 37% drop on the 10-year average for occupational activity, according to analysis from Radius Data Exchange.
The mammoth 307,000 sq ft letting to Linklaters at 20 Ropemaker, EC2, represented 16% of all space let during the first quarter – only three times in the last seven years has an individual deal comprised a greater share of activity in any given quarter.
Investment started more positively. There was £2.3bn in completed transactions, reflecting a 67% increase in spend year-on-year. However, the figure was still down 35% on the five-year quarterly average for capital commitments.
Industry figures will now be waiting to see what effect the continuing coronavirus crisis has on market performance during the coming months, as employers become more comfortable with staff working from home rather than in the office.
For more insight into the London market’s first-quarter performance, click here to read EG and Radius Data Exchange’s London Offices Market Analysis >>
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