Take-up for office space in the UK Markets during Q1 totalled 865,800 sq ft. This represents a fall of 74% when compared to the same period in 2020 and 40% on the five-year Q1 average demonstrating the impact lockdowns have had on transactions.
With a full 12 months now recorded covering the Covid-19 pandemic, we can see the full impact the pandemic has had on the market. Take-up in the 12 months to Q1 2021 totalled 3.1m sq ft, the lowest 12 months on record since 2004.
Availability across the UK Markets increased 7% over the quarter to stand at 15.9m sq ft at the end of Q1 2021.