Thu, 11/02/2021 - 12:00
· 1 min read

South East Offices Review Q4 2020

Our South East Offices Review Q4 2020 has just been released.

Key findings of the Q4 2020 report indicate that:

  • Despite entering a second lockdown in mid-November, South East office take-up in the final quarter of 2020 reached 541,107 sq ft, marking it the largest quarterly take-up level of the year. This brings annual take-up levels to 1.6m sq ft, down 36% on the previous year (2.6m sq ft) and well below (-44%) the 10 year average of 2.9m sq ft. UCB completed the largest deal of the quarter acquiring 245,000 sq ft at the R&D Campus in Bagshot Surrey
  • Subdued take-up levels meant that all size bands recorded a fall in activity. Only two deals above 100,000 sq ft were recorded this year. Although these larger deals provided a significant boost to take-up, the main volume of deals still took place in the 5,000-20,000 sq ft size bracket, accounting for 78% of transactions in 2020
  • Office investment activity in the South East for Q4 2020 stood at £857m, down only 1% on Q4 2019. Q4 2020 was significantly up (+163%) on the previous quarter albeit it was the third lowest quarter on record, but nevertheless a good indicator of returning investor appetite. Although this represents a slower year for South East office investment, total volumes reached £2.35bn across 81 transactions, down just 7% on 2019
  • The sale of White City Place, W12 was the largest transaction to complete in Q4 where Cadillac Fairview purchased the property from Mitsui Fudosan for £235m. Other notable transactions included Brunswick’s purchase of Carlson Court, 116 Putney Road, SW15 for £23m, which attracted significant interest

Click to read South East Offices Review Q4 2020

South East Offices Review Q4 2020