Capita Symonds - Q4 2011 Review

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Take-up

Supply

Rental profile

Investment markets

Take-up

In Q4 take-up decreased by 27% to 673,000 sq ft, down from 917,000 sq ft in Q3. 12 months earlier in Q4 2010 take-up amounted to 769,000 sq ft.

In the year to December rolling 12 month take-up decreased to 3.25 million sq ft down from 3.35 million sq ft in the year to September.

Supply

In Q4 availability increased by 12% to 4.0 million sq ft up from 3.6 million sq ft in Q3.

Over the last 12 months availability has decreased by 21% down from 5.1 million sq ft available in Q4 2010.

11 Baker Street, W1

Pimco have taken a new lease over the entire 57,195 sq ft newly developed Grade A building from AHLI Bank (UK) Plc. A 15 year term was agreed with a break option in year 10, at a blended rent of £62.50 per sq ft and with 20 months rent free.

20 Air Street, W1

Generation Investment Management has taken a pre-let of 21,300 sq ft over the top (7th) floor at the Crown Estate's Air W1 scheme. A 15 year term was agreed at a rent of £90 per sq ft with 27 months rent free.

61/65 Conduit Street, W1

The long leasehold interest in this multi let office and retail building was sold by Threadneedle to Orchard Street Investment Management for £36m reflecting a net initial yield of 4.7%.