^{Source: Savills Research}

^{Source: Savills Research}

■ The largest transaction to complete in February saw Arup pre-let floors G-3 (133,600 sq ft) at Derwent London's 80 Charlotte Street, W1. Arup have signed a 20-year lease at a rent of £75.00 per sq ft, as part of the transaction Arup also has an option to take the 40,700 sq ft fourth floor.

■ Another notable transaction to complete in February saw Swedish retailer COS pre-let floors 4-9 (60,096 sq ft) at 1 New Oxford Street, WC1 on confidential terms.

■ Following these transactions, pre-lets have accounted for 38% of 2017's take-up to date.

■ 54% of the 2.3m sq ft of developments and refurbishments scheduled to complete in 2017 have now been committed, leaving just 1.1m sq ft of speculative supply, while 30% of 2018's completions have been pre-let (Graph 2).

^{Source: Savills Research}

■ February saw the first acquisitions of the year by serviced office providers. The Office Group acquired the entire 70,311 sq ft at 84 Eccleston Square, SW1 on a 20-year lease, while London Executive Offices acquired the 9th floor totalling 22,378 sq ft at Nova South, SW1. Since 2015 serviced office providers have accounted for 8% of West End take-up.

■ So far in 2017, the Professional Services sector has been the most active accounting for 25% of take-up. This is followed by the Serviced Office Provider sector (15%) and the Tech & Media sector (14%).

■ Supply rose 1% from the end of January to 4.58m sq ft at the end of February, with the vacancy rate remaining at 3.8%. 77% of supply is of a Grade A standard.

■ There has been a significant increase in the amount of tenant controlled supply. At the end of February this stood at 1m sq ft, equating to 23% of total supply, compared to 0.7m sq ft equating to 15% of total supply at the end of 2016.

■ 489,872 sq ft is currently under-offer in the West End, 18% below the long-term average. 149,771 sq ft of this went under-offer in February.

■ The average Grade A rent in February was £79.14 per sq ft, while the average Grade B rent was £63.42 per sq ft.

■ We are currently tracking 5.5m sq ft of West End & Central London requirements

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}