NB Real Estate - Q3 2008 Review

Take-up

- In Q3 08 take-up increased by 110% to 516,000 sq ft, up from a relatively low base of 246,000 sq ft in Q2. Twelve months earlier in Q3 07 take-up amounted to 815,000 sq ft.
- In the year to September 08 rolling 12 month take-up decreased to 1.8 m sq ft, down from 2.1m sq ft in the year to June 08.

Take-up

Supply

Rental profile

Investment markets

Supply

- In Q3 08 availability decreased by 6% to 2.6m sq ft, down from 2.7m sq ft in Q2.
- In the last 12 months availability has remained static.

click here for graphs showing grade, size, rental profile and investment market

Minerva House, Montague Close, SE1
The Law firm Winckworth Sherwood have acquired approximately 38,518 sq ft over the third to fifth floors of Minerva House, by way of a prelet on a new lease from May 2009 for a term to expire in October 2016 at an annual rent equating to £34.50 per sq ft.

154 Clerkenwell Road, EC1R
Rockspring have sold their freehold interest to Agent Provocateur for £5.25m. The property comprises 15,044 sq ft of vacant office accommodation reflecting a capital value of £350 per sq ft.

25 Canada Square, E14
TFL (Crossrail) has acquired 116,000 sq ft on levels 27 to 30 on a ten year term from August 2008 on confidential terms. The quoting rent for the remaining space is £46.50 per sq ft.