^{Source: Savills Research}

^{Source: Savills Research}

■ March saw the first transaction complete at Aberdeen Asset Management's 12 Hammersmith Grove, W6. Medidata acquired the top 9th and 10th floors totalling 29,106 sq ft, at a sub-market equalling rent of £59.00 per sq ft.

■ Elsewhere, Conde Nast Publications acquired the 9th floor totalling 26,836 sq ft at The Adelphi, WC2 on a 10-year lease at a rent of £79.50.

■ The Tech & Media sector was the most active in the West End in Q1 2017, accounting for 22% of take-up, followed by the Professional Services sector (19%) and the Insurance & Financial Services sector (16%).

■ Supply has remained fairly stable in the West End so far in 2017, standing at 4.63m sq ft at the end of Q1. This equates to a vacancy rate of 3.8%, its third month at this level.

■ 545,965 sq ft is currently under-offer in the West End, 9% below the longterm average. 215,897 sq ft of this went under-offer in March.

■ A West End record rent of £190.00 per sq ft was achieved in March at 5 St James's Square. The transaction saw Canadian billionaire Lawrence Stroll's SHL acquire the part Ground and 1st floors totalling 4,000 sq ft on a 10-year lease.

^{Source: Savills Research}

■ Boosted by the transaction at 5 St James's Square, the average prime rent in Q1 2017 was £122.39 per sq ft, 11% above 2016's average Grade A rent of £110.41 per sq ft. Similarly, the average Grade A rent in Q1 2017 was £85.03 per sq ft,10% above 2016's average Grade A rent of £77.25 per sq ft.

■ However, omitting the transaction at 5 St James's Square, the Q1 average prime rent falls to £111.76 per sq ft and the average Grade A falls to £82.93 per sq ft.

■ While headline rents have held up in the West End, upward pressure continues to be exerted on the level of incentives being offered to tenants. The average rent free period on straight 10-year leases signed since the start of October 2016 is 19 months, compared with the average of 14 months in the previous six months

Analysis close up

^{Demand figures include central London requirements}

^{Completions due in the next six months are included in the supply figures}

^{* Average prime rents for preceding three months}

^{** Average rent free on leases of five years for preceding three months}