Data and Analysis from CoStar UK

CoStar Q1 2010 West End Office Market Update

Q1 Sees First Fall in Space on Market Since 2007

Q1 2010 take-up of office space in the West End totalled 702,307 sq ft, although this is an increase of 32% on the same period in 2009, it is lower than the 810,858 sq ft achieved in Q4 2009.  However, there is 811,804 sq ft that is currently under offer.

The volume of space being marketed in the West End fell for the first time since Q4 2007.  The total amount of space being marketed at the end of Q1 2010 was 6.04 million sq ft, 60% of which was secondhand.  There is a continued squeeze on new/refurbished space, with only 507,007 sq ft available under construction/refurbished.

Key Points for Q1 2010: 

  • 702,307 sq ft of space taken in Q1 2010.
  • 226,735 sq ft of space taken in March 2010.
  • Average deal size 2,938 sq ft.
  • Headline rent of £89.06 per sq ft pa.
  • 6.04 million sq ft of space on the market.
  • 811,804 sq ft under offer.


CoStar Q1 2010 City Office Market Update

Demand Returns To The City

Q1 2010 has heralded the return of occupier demand in the City office market, take-up totalled 1.9 million sq ft, a level not seen since Q3 2007. The Q1 2010 total is more than the 1.5 million sq ft taken for the first half of 2009. However, most notably is that 56% of the space taken was from just 8 deals. The largest of which were, Blackrock Investment Management taking 282,549 sq ft at Drapers Garden and Macquarie Bank taking 217,000 sq ft at Ropemaker Place.

Available space in the market has continued to fall , totalling 11.6 million sq ft on the market at the end of Q1 2010. This is a 16% decrease on the levels seen at the end of 2009. 9% of this space is currently under offer, showing that the momentum is still there going forward into Q2.

Key Points for Q1 2010: 

  • 1.9 million sq ft taken in Q1 2010, 40% of which was taken in March 2010.
  • 79% of transacted space was new or refurbished.
  • Average deal size excluding deals over 100,000 sq ft was 7,724 sq ft.
  • Headline rent of £49.50 per sq ft pa.
  • 11.6 million sq ft of space on the market of which 3.8 million sq ft is under construction/refurbishment.

CoStar Q1 2010 Midtown Office Market Update

Take-Up Falls in Q1 2010

Having seen a bumper Q4 2009, the largest since Q4 2007, Q1 2010 has not emulated the same level of deals. The Midtown office market recorded 380,829 sq ft of take-up, 63% of which was new/refurbished. There is 631,059 sq ft of space currently under offer.

Available space increased in Q1 2010 to 4.7 million sq ft, an increase of 9% on the level seen at the end of Q4 2009. Secondhand space currently accounts for 39% of what is being marketed

Key Points for Q1 2010:

  • 380,829 sq ft of space taken in Q1 2010.
  • 95,075 sq ft of space taken in March.
  • Average deal size 5,077 sq ft.
  • Headline rent of £50 per sq ft pa.
  • 4.7 million sq ft of space being marketed, 23% is under construction/refurbishment.


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