Total take-up for Q1 2020 reached 106,278 sq.m across 32 deals, marking the sixth strongest quarter on record. This positive performance is somewhat at odds with the negative impact of the COVID-19 pandemic, which led to a major slowdown in market activity from March onwards with all ‘non-essential’ businesses asked to close until further notice.
There were 4 office ‘mega-deals’ or transactions exceeding 10,000 sq.m in size. These deals had a significant impact on the market in Q1, accounting for 56% of take-up. Due to the high proportion of mega-deals, the average deal size increased by 37% annually to reach 3,321 sq.m.