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The leasing market in Midtown in 2013 Q3 figures returned to a more average quarterly take up in particular. At just under 450,000 sq ft of take up, which is an underlying number excluding pre-lets, it has to be said it was a very good quarter in the Midtown leasing market.
On the supply side, new and refurbished climbed by around 20% whereas second grade A and B fell. Second had supply falling tells us that the market is withdrawing space for refurbishment but also second hand grade A space is where tenants have moved to as pricing has met their expectations.
The vacancy rate fell slightly to 4.7% for all quality all sector which is well below average levels. As we move towards the end of the year and into the 4th quarter there is likely to be a similar number to quarter 3 take up.
On the investment side in the Midtown market it has also been a strong quarter 3 in 2013 with transaction volume being around a billion which in any quarter is substantial. Although it should be mentioned that one of those transactions, Shell Mex House, comprised significantly over 50% of that turnover.
The UK investor is still a very key component of the Midtown market and is becoming more so which is testament to Midtowns rental growth prospects with the key fundamentals in place. The interesting move in the market at the moment is vacant possession values where there has been considerable price rises in this sector and that is reflective of the investor community becoming more comfortable with the occupational market which is set to continue.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.