Take-up in central London’s commercial property market dipped in the first quarter of 2018
Take-up in central London’s commercial property market dipped in the first quarter of 2018 but some sectors performed well and vacancies fell, according to the latest analysis. Overall, take up reached 2.4 million square feet in the first three months of the year, lower than the quarterly average but ahead of both the equivalent period in 2017 and the 10 year average for the first quarter, which is typically slower. The West End was the strongest performing market, with take-up reaching 932,000 square feet, the strongest first quarter for three years while City leasing volumes were robust at 1.3 million square feet, marginally ahead of the equivalent period in 2017. Vacancy falls in both City and West End Supply across London fell by 4% ending the quarter at 11.2 million square feet compared to 11.7 million square feet at the end of 2017. As a result, the central London vacancy rate fell by 20 basis points to 4.8% and remains lower than the 10 year average of 5.5%.
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