The latest London City office report from Savills published today shows continued strong rental growth and take up and a falling vacancy rate.
The total take-up for the year is 2.3 m sq ft which is 9% higher than this time last year. Supply declined 6.7% during April and there is 5.9m sq ft available space which equates to a vacancy rate of 7.3% down from 7.8% in April.
Around 1.2 m sq ft of space went under offer in May bringing the total under offer to nearly 2.5 m sq ft. It said professional services continued to dominate accounting for nearly 58% of the total take-up, with Insurance and Financial Services following with 22% of the take up.