^{Source: Savills Research}

^{Source: Savills Research – data accurate to end of Q2 2017}

■ The City fringe has accounted for 54% of take-up at the end of H1, showing demand for fringe locations has remained resilient.

■ A notable transaction to complete in June saw Framestore acquire 93,882 sq ft at 28 Chancery Lane, WC2. The visual effects company took the space on a 15-year lease. They are currently situated in two separate locations in Soho in the West End.

■ Also in June, Mindspace acquired 31,744 sq ft at The Relay Building, E1 across levels four and five. They have taken the space on a 20 year lease, with a 15-year break at £53.00/sq ft and 29 months rent free.

■ In the year to the end of June, the Tech & Media sector accounted for the greatest proportion of take-up at 24%. This is followed by the Professional services sector at 16%, and the Insurance & Financial services sector at 13%. There has been continued strong activity from Serviced Office Providers who have accounted for 8% of take-up to-date.

■ Total City supply stood at 6.9m sq ft at the end of June, equating to a vacancy rate of 5.6%, up on this point last year by 40 bps, however still down on the 10-year average by 100bps.

■ 36% of the development pipeline for 2017/20 is already pre-let, with the highest concentration of speculative space scheduled to arrive in 2019 at 3.5m sq ft (including 1.3m sq ft in 22 Bishopsgate alone).

■ The top rent achieved at the end of Q2 is £81.50/sq ft at One Angel Court, EC2 where Shanhai Pudong Bank took the 19th floor (8,728 sq ft).

■ The average prime rent for Q2 is £76.21/ sq ft, down on 2016 by 1.7%, a less dramatic fall than expected.

■ The average Grade A rent for Q2 is £59.97/sq ft, down on 2016 by 1.9%.

■ The gap between the average Grade A rent for the City core versus the City fringe has reduced to just £0.35/sq ft at the end of Q2.

^{Source: Savills Research – data accurate to end of Q2 2017}

■ On a straight 10-year lease, the average months rent free currently stands at 22, up on this point last year by five months.

■ Total City & Central London demand is 9.1m sq ft, which is 4% up on the long-term average, but 2% down on the 12-month average. Circa 35% of the total demand has been known about for over 12 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 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}