During the second quarter of the year, momentum carried on from Q1 and we are continuing to see a steady increase in the number and size of lettings across the South East office market. Take-up reached 640,180 sq ft in Q2 2021, reflecting a quarter-on-quarter growth of 9%. This marks the highest level of quarterly take-up since Q4 2019.
H1 2021 take-up totalled 1.2m sq ft which is up 88% on the same period last year (0.7m sq ft) and on par with the 10-year average. The largest deal of the quarter was at Broadcast House, White City Place, W12, where the British media company ITV leased 120,000 sq ft on a 13-year lease.
The increase in leasing activity has derived from the ongoing COVID-19 vaccination program and the lifting of lockdown restrictions which, in turn, has boosted occupier confidence. This will continue to play a part in supporting leasing activity over the next quarter as life gradually returns to normality.