MKS / MAY 2016 /
30
MARKET REVIEW
Offices: City of London
10
15
5
0
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
20
sq ft (million)
rent per sq ft
rent per sq ft
rent per sq ft
£50
£60
£40
£30
£70
£80
Take up
City Prime Rent
Supply
Source: Knight Frank
SUPPLY RESPONSE TO MEET CONTINUING DEMAND
•
2015 lettings: 6.8m sq ft
17% below 2015
7% above 5 year average
•
Q1/16 vacancy: 4.8m sq ft
New – 1.7% (Q1/15: 2.7%)
Total – 4.8% (Q1/15: 15.7%)
•
Development pipeline
4.4m sq ft pre-let (49.5%)
4.5m sq ft speculative
8.9m sq ft under construction
