^{Source: Savills Research}

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

■ A notable transaction to complete in May saw Industrial Light & Magic acquire 47,010 sq ft at Lacon House, Theobalds Road, WC1. The Walt Disney owned visual effects company took the space on confidential terms, and join other Tech & Media companies already in the building, Argus and Exterion Media. The Blackstone property is now 82% let.

■ Also in May, Man Group acquired 41,000 sq ft on the 5th floor of 1 Angel Lane, EC4. The investment management company took the space on a lease until 2029 at £62.00/sq ft with 27 months rent free.

■ At the end of May, the Tech & Media sector accounted for the greatest proportion of take-up at 20%. This is followed by the Professional services sector at 17%, and the Insurance & Financial services sector at 14%.

■ The Tech & Media sector have accounted for 517,069 sq ft of take-up to the end of May this year. This is the largest amount of take-up from this sector in the first five months of the year ever.

■ Total City supply stood at 6.7m sq ft at the end of May, equating to a vacancy rate of 5.4%, up on this point last year by 90 bps, however still down on the 10-year average by 130bps. We do expect the vacancy rate to rise to over 6% next month as all schemes scheduled to complete in Q4 will be added to the figures.

■ A total of 524,182 sq ft went under-offer in May, which is nearly double the 12-month average. This brings total space under-offer to 1.3m sq ft, which is 4% up on the long term average.

■ The average Grade A rent for 2017 so far for the city core is £61.90/sq ft, which is only 1% down on last year. Similarly, in the fringe areas the average Grade A rent for 2017 is £59.17/sq ft, which is also only 1% down on last year.

^{Source: Savills Research - data accurate to end of May 2017}

■ Total City & Central London demand is 9.5m sq ft, which is 9% up on the long-term average, and 3% up on the 12-month 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}