^{Source: Savills Research}

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

■ A notable transaction to complete in February saw Freshfields Bruckhaus Deringer LLP acquire 249,633 sq ft at 100 Bishopsgate, EC2 on a 20 year lease. The new development which is expected to achieve practical completion at the end of 2018 is now at least 67% pre-let (excluding option space) with both RBC and Jefferies already committing to the scheme.

■ Another notable deal from February saw Silverfleet Capital acquire 8,346 sq ft of the part 3rd floor at 1 Carter Lane, EC4. They took the space on a 10 year lease with a five-year break, at £65.00/sq ft with a total of 19 months rent free.

■ At the end of February, the Professional services sector accounted for the greatest proportion of take-up at 47%. This is followed by the Tech & Media sector at 11%, and the Insurance & Financial services sector at 7%.

■ The City core has accounted for 71% of take-up so far this year, significantly up on the 62% share it has averaged over the last five years.

■ Total City supply stood at 7m sq ft at the end of February, equating to a vacancy rate of 5.6%, up on this point last year by 130 bps, however still down on the 10-year average by 100bps.

■ A total of 577,012 sq ft went under-offer in February, the highest monthly amount since March 2015. This brings total space under-offer to 1.2m sq ft, which is just 10% down on the long-term average.

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

^{Source: Savills Research}

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}