^{Source: Savills Research}

■ This brings total 2015 take-up at the end of October to 3.52m sq ft, which is 5% up on the same point in 2014 and 28% higher than the long-term average. If take-up in the final two months of the year exceeds 628,000 sq ft, as has been the case in eight of the last ten years, 2015 take-up will exceed the 4.15m sq ft of space let in 2014. This prospect seems highly likely with 861,078 sq ft of supply currently under offer.

^{Source: Savills Research}

■ Continuing the recent wave of large pre-lets to complete in the West End, Universal Music have agreed to take the whole of 4 Pancras Square, N1 on a 15 year lease. The development, totalling 177,000 sq ft of office space, is due for completion in mid 2017. Other notable transactions include INEOS Industries Ltd taking 36,130 sq ft at 38 Hans Crescent, SW1 and Apple’s acquisition of 25,486 sq ft at 21 Glasshouse Street, W1.

■ Predominantly due to the pre-let at 4 Pancras Square, the TMT business sector was the most active for the eighth time in ten months, accounting for 68% of October’s take-up. TMT firms have accounted for 38% of total take-up so far in 2015.

■ The highest reported rent in October was £110.00 per sq ft achieved at 61-63 Brook Street, W1 with Wendel Group taking 5,005 sq ft on the 2nd floor. The average Grade A rent for October was £81.30 per sq ft, the second highest it has been this year.

■ Total supply at the end of October stood at 3.73m sq ft, an increase of 12% on the 3.28m sq ft of space available at the end of September. This resulted in the vacancy rate rising from 2.7% to 3%, the highest it has been since May.

■ The increase in supply can be attributed to the wave of new developments that are due for completion in early 2016. These are led by two developments in Victoria, Land Securities' Nova South and Tishman Speyer's Verde, which together offer nearly half a million sq ft of new office space.

^{Source: Savills Research} 

Analysis close up

^{Completions due in the next six months are included in the supply figures}

^{* Average prime rents for preceeding three months}

^{** Average rent free on leases of five years for preceeding three months}

^{Source: Savills Research}