^{Source: Savills Research}

■ Despite take-up being down on last year, there have been 88 transactions in the City so far this year, compared with 83 over the same period last year. Therefore, there is still the same level of transactional activity, the quantum of space is just slightly smaller.

■ The largest deal of the month was the acquisition of the second and third floors of 120 Holborn EC1(37,259 sq ft) by The Trainline. They took the space on a 15-year lease, with a break in the 10th year, at a rent of £57.50/sq ft.

■ Another notable deal was the acquisition of floors four, five and six at 100 Cheapside EC2 (32,713 sq ft) by Goodwin Procter. The law firm took the space on a straight 15-year lease at an average rent of £68.28/sq ft with 21 months rent free.

■ We also saw another pre-let at the White Collar Factory EC1 last month when Adobe took floors seven and eight (28,568 sq ft). The software company took the new space on a 15-year lease, with breaks in both the 10th and 12th year at an average rent of £63.50/sq ft.

■ Total City supply stood at 5.3m sq ft, equating to a vacancy rate of 4.3%, down on this point last year by 1.2%.

■ Furthermore, we are currently aware of 638 units available for let in the City, with the

■ There is currently 1.2m sq ft of space under-offer in the City, which is 5% down on the long-term average. Of this, 173,680 sq ft went under-offer in February alone.

■ The top rent achieved in February was £77.50/sq ft when Octo Telematics UK Limited took the eighth floor (6,989 sq ft) at 67 Lombard Street EC3. They took the space on a 10-year lease with 18 months rent free.

■ Of the known rents this year, 50% have been in the £60 – £69.99/sq ft bracket (Graph 1).

^{Source: Savills Research}

■ The average Grade A rent for February was £62.84/sq ft.

■ We are currently tracking 16.4m sq ft of refurbishments and developments due to arrive to the market between now and the end of 2019, of which 27% is already pre-let (Graph 2). It is worth noting that of the 16.4m sq ft, 1.2m sq ft is accounted for by 22 Bishopsgate, which currently remains in our figures for completion in 2019.

■ We are forecasting average annual rental growth of 2.3% for both average prime and average Grade A over the next five years (2016 – 2020).

^{Source: Savills Research}

^{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 10 years with no breaks for preceeding three months}

^{N.B We have amended our historic stock figure, resulting in a slight change of our historic vacancy rates (Aug 2015)}

^{Source: Savills Research}