More Haste, Less Speed
Of the central London office leasing transactions that we were tracking pre-referendum, approximately 8% have aborted, 31% signed and the balance of 61% remain under offer (by size). This covers a period of almost two months, and bear in mind that a number had been under offer for some time pre-vote. In the normal run of things we would expect a typical leasing transaction to take about three months to close, and so this seems to indicate that transactions are moving forward albeit at a slower pace, which would be understandable. However, given the lumpiness of the data, two large deals could on their own increase the closed percentage to 70% in a short space of time. One to watch over the coming month.