There were no completions of newly developed office space in 2011.

Canary Wharf Group have recently started construction of 25 Churchill Place which will provide 550,000 sq ft of office accommodation towards the end of 2014. A pre-let of 250,000 sq ft of the space has been agreed with the European Medicines Agency.

There is currently no other office space under construction in Docklands.

This quarter the vacancy rate has increased to 8.4% up from 7.7% in Q4 2011.

Average rents for Grade A space in Docklands saw no change in Q1 and remained at £40.00 per sq ft for the eighth quarter in succession.

Transaction activity in Q4 2011 amounted to £12.2 million. The first estimate of transaction activity in Q1 indicates that Docklands office investment increased to £447 million. Twelve months earlier in Q1 2011 no transactions were recorded.

The yield on prime Docklands offices hardened to 6.00% from 6.25% in Q4 2011.