⊲ Activity in the St James’s market has continued to operate at above trend levels, with 260,900 sq ft of take up recorded in the first three quarters of 2017, compared to a 10 year annual average level of activity of 270,000 sq ft per annum.
⊲ The Crown Estate’s St James’s Market continued to dominate activity, with 30,000 sq ft of lettings in Q2 and Q3, the largest transaction being the 16,500 sq ft to Towerbrook Capital Partners at No1 Around 77% of the scheme is now let.
⊲ Supply has continued to tighten in the St James’s market, with availability falling below 400,000 sq ft for the first time since 2014. Total supply stands at 388,610 sq ft, with two thirds of space in Grade A stock (255,490 sq ft). The largest Grade A space available is at 130 Jermyn Street, where the entire building provides 38,480 sq ft.
⊲ Prime rents have not mirrored the upward movement seen in Mayfair, remaining at £115.00 per sq ft, although rents on refurbished and secondary space edged higher, moving up to £82.50 per sq ft and £60.00 per sq ft respectively.