With April spent entirely in lockdown in the UK, take-up fell to 225,800 square feet, a 66% fall compared to the same period last year.
Despite the significant impact of Covid-19 on the market, take-up activity for space in excess of 50,000 sq ft, triggered by lease expiries or breaks, has continued. At the end of the April across Central London, a total of 12 buildings each had more than 50,000 sq ft under offer, with 40% of these in the City.
The legal sector dominated take-up, with the largest deal of the month seeing Covington & Burling pre-let 85,800 sq ft at 22 Bishopsgate, EC2.
Active demand remained seemingly steady with a slight month-on-month increase to 7.9m sq ft.
Simon Brown, Director, CBRE UK Research, said: “As a result of the ongoing pandemic, the market is in a state of flux. While bold growth induced moves have been largely put on hold, most major structural transactions driven by lease expiries or breaks still appear to be progressing, albeit slowly for now. The transaction at 22 Bishopsgate, as well as a healthy pipeline of requirements, show that the market is ready and waiting for a resumption of business.”