Our South East Offices Review Q2 2021 has just been released.
Key findings of the Q2 2021 report indicate that:
- Take-up reached 640,180 sq ft in Q2 2021, reflecting a quarter-on-quarter growth of 9%. This marks the highest level of quarterly take-up since Q4 2019. H1 2021 take-up totalled 1.2m sq ft which is up 88% on the same period last year (0.7m sq ft) and on par with the 10-year average. The largest deal of the quarter was at Broadcast House, White City Place, W12, where the British media company ITV leased 120,000 sq ft on a 13-year lease.
- Vacancy rates fell quarter-on-quarter now averaging 8.4% across the region, but some towns are still recording above average levels. Maidenhead and Reading, in particular, reflected a vacancy of 17.3% and 12.0% respectively this quarter.
- Investment demand has reawakened in Q2 2021 with volumes reaching £1.5bn, significantly up 290% on Q1 2021 at £519m. This brings total H1 volumes to £2.0bn, up 73% on the same period last year. The largest transaction of the quarter was Brookfield’s purchase of Atom Portfolio in June for £716m, marking the largest transaction so far this year.
Click to read South East Offices Review Q2 2021
