■ The largest transaction of the month saw Spotify acquire 104,133 sq ft at The Adelphi WC2. Following a flurry of lettings in recent months, the c.325,000 sq ft Blackstone property has now reached full occupancy.

■ Another notable transaction saw HSBC acquire the entire 36,500 sq ft at 7 Cork Street, W1. The bank signed a 10-year lease with the rent believed to be in the region of £110.00 per sq ft. The Pollen Estate development is due for completion in Q4 2017.

■ Following July's transactions, the Tech & Media sector has reclaimed its position as the most active business sector in the West End accounting for 27% of 2017's take-up. Serviced Office Providers have been the second most active accounting for 23%, with the Insurance & Financial Services sector third at 12%.

■ As is the norm in the West End, smaller transactions have dominated in 2017, with 76% of transactions being below 10,000 sq ft (Graph 1).

^{Source: Savills Research}

^{Source: Savills Research}

■ Despite just 1% of transactions being >100,000, deals in the size bracket have accounted for the greatest volume of take-up at 23%. This is followed by transactions of 5-10k sq ft (17%) and 15-25k sq ft (15%) (Graph 2).

^{Source: Savills Research}

■ Total West End supply at the end of July stood at 4.92m sq ft, equating to a vacancy rate of 4.1%. This is 80bps above the same point in 2016. 75% of current supply is of a Grade A standard while 28% is tenant controlled.

■ Victoria is the sub-market with the highest amount of supply (811,400 sq ft), followed by Mayfair (608,324 sq ft), Covent Garden (545,352 sq ft) and Hammersmith (541,097 sq ft).

■ We are currently tracking 6.4m sq ft of West End & Central London requirements, 4% above 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 for preceding three months}