^{Source: Savills Research}

■ June's activity has brought the 12-month rolling take-up figure to 6.2m sq ft, which is still 25% up on the long-term average.

■ There have been 215 transactions so far this year, up 16% on the 10-year average for the first half (186 deals).

■ The largest deal of the month was the acquisition of 47,101 sq ft at Beaufort House, 15 St Botolph Street, EC3 by Instant Managed Offices. The serviced office provider took the space on a five-year lease at £40.00/sq ft.

■ Another notable deal for June was at The Whitechapel Building, E1. Perkins & Will took the third floor (26,641 sq ft) on a 10-year lease with a fifth year break at a confidential rent.

■ So far this year, Insurance & Financial services have accounted for the greatest amount of take-up at 27%. They are followed by Professional services (12%), Tech & Media (12%), Retail & Leisure (10%). Serviced offices accounted for 12% of take-up last year, however so far this year they have accounted for just 5%.

■ Total City supply stood at 6.4m sq ft, equating to a vacancy rate of 5.2%, up on this point last year by 0.5%. The rise in supply is a result of schemes scheduled to achieve PC in Q4 being added to current supply, such as Angel Court (312,000 sq ft) and Creechurch Place (273,000 sq ft).

^{Source: Savills Research}

■ There is currently 1.3m sq ft of space under-offer in the City, which is 2% up on the long-term average. Of this, 47,855 sq ft went under-offer in June.

■ Despite occupier uncertainty both prior, and post, the Referendum, rents have seemingly not been affected. The average grade A rent for the first half of this year is £62.25/sq ft, which is higher than any annual equivalent on record and up on the 10-year annual average by 31%.

■ The average prime rent (including towers) for the year so far is £75.91/sq ft, falling to £72.74/sq ft when towers are omitted.

■ Our development pipeline is under constant review as news regarding future schemes emerges. However, we are currently tracking 16.5m 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).

^{Source: Savills Research}

■ Following the Referendum, we have seen City leasing activity remain robust with over 500,000 sq ft of activity. More of this will be addressed next month, but decisions by both Amazon to take an additional 80,000 sq ft in Principal Place, and Wells Fargo to owner occupy 33 Central (227,000 sq ft) are very encouraging for the market. Moreover, total City requirements are at 8.7m sq ft, which is 10% up on the 12-month average, and the greatest amount since March 2015.

Analysis close up

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

^{*Average prime rents for preceding three months}

^{** Average rent free on leases of 10 years with no breaks for preceding 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}