^{Source: Savills Research}

^{Source: Savills Research – data accurate to end of April 2017}

■ A notable transaction to complete in April saw NEX, formerly ICAP, acquire c110,000 sq ft at the London Fruit & Wool Exchange, E1 on a sub-lease from Ashurst.

■ Also in April, BUPA acquired 55,305 sq ft at the new development Angel Court, EC2 over levels 1, 2, and part 3. There were two further lettings here last month; NewTA acquiring 22,885 sq ft on level 5, and Shanghai Pudong Bank acquiring 8,760 sq ft on level 19, which achieved the record rent of the year so far at £81.50/sq ft on a 10-year lease with a break in the fifth year.

■ At the end of April, the Professional services sector accounted for the greatest proportion of take-up at 19%. This is followed by the Tech & Media sector at 15%, and the Insurance & Financial services sector at 14%.

■ Serviced office providers have continued to be active this year, accounting for 9% of take-up. This is over double the sector's 10-year average market share of 4%.

■ Total City supply stood at 6.9m sq ft at the end of April, equating to a vacancy rate of 5.6%, up on this point last year by 110 bps, however still down on the 10-year average by 110bps.

■ A total of 615,264 sq ft went under-offer in April, bringing total space under-offer to 1.4m sq ft, which is 5% up on the long-term average.

^{Source: Savills Research}

■ Next year there is an estimated 5.2m sq ft of new space in the pipeline, however 49% of this space has already been pre-let leaving circa 2.7m sq ft scheduled to be delivered. However, we anticipate more pre-letting to occur which will assist in keeping the vacancy rate below the long-term average of 8.1%.

■ There have been seven deals over 50,000 sq ft so far this year, compared with just four by this point last year. However, take-up for smaller units has been slow with the number of deals for less than 10,000 sq ft 26% down on this point last year.

■ Total City & Central London demand is 9.5m sq ft, which is 9% up on the long-term average.

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 10 years with no breaks for preceding three months}

^{N.B We have amended our historic stock figure, resulting in a slight change of our historic vacancy rates (Aug 2015)}

^{Source: Savills Research}