The take-up of office properties in the South East in the third quarter of the year stood at 449,117 sq ft, 37% down on the quarterly average, according to research by Colliers International.
The firm's quarterly report said that while the figure was down compared to the 520,000 sq ft reported for Q2, those figures included a single transaction of 330,000 sq ft at Ruskin Square, in Croydon. If this single, large transaction is ignored then the most recent data suggests an improving market over Q3. The report also highlights that Q3 saw nearly twice the number of individual transactions being signed compared to Q2.
While take-up was just 63% of the long term average quarter, Colliers International's report suggested that the significant increase in the number of transactions signed is encouraging.
The data also revealed that, in South East England there was around 350,000 sq ft under offer at the end of the third quarter with transactions taking longer to sign.