Despite the continued national lockdown for much of Q1, the transaction numbers were a healthy shot in the arm for sentiment. Quarterly demand and transactions reached a 12 month high and some major requirements landed stimulating strong pre-letting activity.
Nevertheless, vacancy remains elevated and absorption levels for the half year are set to be modest at the very best. While occupiers may be peaking above the parapets once more, many remain unsure about short to medium occupational strategies and a wait-and-see approach for those with the luxury of time, will persist well into 2022.
While this is hopefully the end of the beginning, there is still some way to go before normal operating conditions can be resumed.