It has been a quarter of some ups and plenty of downs... Here are some of the key facts for Q2 2011:
- Take up fell 21% compared with Q1 to 1.83 million sq ft, with the largest letting taking place at Central Saint Giles, WC2, where Google took on 155,000 sq ft.
- Available space fell around 4% versus Q1, the largest instruction was at 1 London Bridge, SE1, where some 177,000 sq ft has come onto the market.
- Rental levels remained relatively stable, with new-build stock averaging £46.77 per sq ft, up £2.20 per sq ft on Q1. Rental levels for secondhand stock decreased by 13 pence to £33.14 per sq ft.
- Investment transactions soared in Q2, increasing by 60% in terms of the volume of deals and 24% in terms of sq ft compared with Q1. Some notable purchases have been 10 Aldermanbury, EC2, measuring 336,000 sq ft for £260m and Aviva Tower, EC3, measuring 320,000 sq ft, for £288m.
In terms of the agency league tables, after the merger between Jones Lang LaSalle (JLL) and King Sturge, it is unsurprising that the biggest firm in terms of turnover is in top place for Q2. Not far back from JLL is CB Richard Ellis, which remains in second place taking a 22% market share. Cushman & Wakefield came in third position, while DTZ and Edward Charles & Partners came in fourth and fifth place respectively. The table below presents the performance of the top five disposing agents:
For the full report please visit the EGi website: http://www.estatesgazette.com/offices/london-offices-market-analysis/