^{Source: Savills Research}

■ The largest transaction to complete in January saw WeWork acquire 106,811 sq ft at Telstar House, W2. The Serviced Office Provider has taken the space on an 11-year sub-lease from Rio Tinto at a rent of £60.00 per sq ft. The transaction which is WeWork's first in the West End, is the largest in Paddington since 2006.

^{Source: Savills Research}

■ Elsewhere, i2 Office acquired 11,105 sq ft at 33 Cavendish Square, W1 on a 10-year lease at a rent of £75.00 per sq ft. These transactions resulted in Serviced Office Providers dominating take-up in January accounting for 45% of total take-up (Graph 2). It appears that the rapid increase in activity by Serviced Office Providers in recent years is set to continue in 2016.

■ Boosted by 124,015 sq ft of new supply at Adelphi, WC2 and 72,088 sq ft at Portland House, SW1, total West End supply at the end of January stood at 3.7m sq ft, a 3% increase on the 3.6m sq ft available at the end of December 2015, equating to a vacancy rate of 3.0%.

■ 703,176 sq ft of supply is currently under offer, which is 17% above the long-term average of 652,178 sq ft.

■ The highest rent achieved in January was £132.50 per sq ft with XL Partners acquiring 12,867 sq ft at 1 New Burlington Place, W1 on a 10-year lease. The average Grade A rent for January was £77.56 per sq ft which is 13% above this point in 2014.

^{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}