Following the shut down in March, the level of take-up in the first half of the year was 36% lower than the same period a year ago, at 1.1m sq ft, with a record level of demand in the first quarter offset by the market coming to a near standstill in the second quarter as potential occupiers delayed decisions due to the uncertainties posed by COVID-19.
HWBC expects take up this year to fall below 2m sq ft for the first time since 2012, with this reduced demand making developers increasingly nervous about delivering new supply unless it is underpinned by a pre-let commitment from a blue-chip tenant. Of the 5.5m sq.ft. of space under construction for delivery in the city centre over the next 3 years, more than half is already pre-let to tenants.
HWBC says rent levels for prime city centre office space were steady at €60 to
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