Capita Symonds - Q4 2011 Review

blog

glossary

contact

Take-up

Supply

Rental profile

Investment markets

Take-up

In Q4 take-up decreased by 56% to 180,000 sq ft, down from 411,000 sq ft in Q3. Twelve months earlier in Q4 2010 take-up amounted to 188,000 sq ft.

In the year to December rolling 12 month take-up decreased to 877,000 sq ft down from 885,000 sq ft in the year to September.

Supply

In Q4 availability increased by 11% to 1.3 million sq ft up from 1.2 million sq ft in Q3.

In the last 12 months availability has increased by 45% up from 880,000 sq ft available in Q4 2010.

6 More London, SE1

Ernst & Young have taken 60,000 sq ft on an assignment from Aon Hewitts at a rent of £45.00 per sq ft.

Dorset House, 27-45 Stamford Street, SE1

The Carbon Trust have taken 9,419 sq ft over the 4th floor on an 11 year sublease at a rent of £28.50 per sq ft.

The London Bridge Portfolio

The London Bridge Portfolio consisted of six assets in SE1, bought by Hermes Real Estate Investment Management acting for British Telecom Pension Fund for £27m reflecting a net initial yield of 5.2% rising to 5.7% on expiry of rent frees. Most of the income was short term. The vendor, GPE has also agreed a two year overage provision.