NB Real Estate - Q4 2009 Review

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Take-up

Supply

Rental profile

Investment markets

Take-up

In Q4 take-up increased by 28% to 836,000 sq ft, up from 653,000 sq ft in Q3. Twelve months earlier in Q4 2008 take-up amounted to 551,000 sq ft.

In the year to December 2009 rolling 12 month take-up increased to 2.4 million sq ft up from 2.1 million sq ft in the year to September.

Supply

In Q4 availability decreased by 8% to 5.8 million sq ft down from 6.3 million sq ft in Q3.

Over the last 12 months availability has increased by 1% from 5.7 million sq ft available in Q4 2008.

49 Park Lane, W1K
Pembroke Real Estate has let the entire 25,272 sq ft office space at 49 Park Lane, to US law firm Wilmer Hale. The quoting rent was £95.00 per sq ft but the deal was done at £75.00 per sq ft.

Iona, 224-244 Argyll Street, W1B
Delancey has let the third floor at Iona, comprising of 27,663 sq ft, to international recruitment company Heidrick & Struggles. The space was let on a new 15 year term with a ten year break option, at £50.00 per sq ft with 30 months rent free.

Quadrant House, 55-58 Pall Mall, SW1Y
The Merchant Navy Pension Fund has sold its freehold to a Private Greek investor for £28.125 million reflecting an initial yield of 4.75%. The property comprises 33,928 sq ft of offices and part retail and is primarily let to the Commonwealth Secretariat.