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Although take-up in the UK for Q4 2017 was in some ways stronger than predicted post-Brexit, total take-up for the year only reached 3.1 million sq ft, which represents a 23% decrease from 2016 and a 14% decrease on the 10-year average.
These relatively weak figures are undoubtedly the result of the Brexit referendum, which has thrown the market into some uncertainty and caused some companies to behave cautiously when it comes to making large investments. Since the vote was called, firms have been hesitant to take on any increased financial commitments, which has caused the amount of take-up to stall.
However, the technology sector has remained active, and accounted for an impressive 27% of take-up in 2017. Indeed, demand from the sector shows no signs of slowing down as we head into 2018, with plenty of large deals on the horizon. Moreover, with market supply only increasing by 2% since 2016, experts have predicted that as these large deals go through Grade A supply will fall, limiting the amount of space available and driving rental growth.
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.