Cluttons has released its biannual London office bulletin for winter 2016/17.
Overall take up in London’s office market during 2016 is 20% down on the take up seen in 2015, however Q4 2016 take up volumes rose to nearly 3,520,000 sq ft, up 72% on Q3. Throughout the course of 2016, rental values have changed neither on a quarterly or 12-month basis. Only some markets recorded changes in capital values on a quarterly basis.
While 2016 saw a deceleration of take up due to Brexit, a pipeline of deals that should have gone through in Q2 and Q3 of 2016 were backlogged and only went through in Q4, helping Q4 2016 to be the most active quarter in over a year. The Prime Minister’s speech in the New Year has also further restored some confidence amongst investors.