Occupational take up in Cardiff reached 146,739 sq ft in the first quarter of 2017, 19% above the five-year average of 123,000 sq ft and 56% above the 94,163 sq ft seen in the first quarter of 2016.

Almost three-quarters (72%) of city-centre office take up in the last 12 months has come from deals over 10,000 sq ft, above the historic average of 52%.

Gary Carver, director in the business space team at Savills Cardiff, said: “Cardiff continues to perform strongly in terms of take up of office space.

“Driven by strong economic fundamentals, with growth expected to rise to 10.1% in the next five years, this has filtered into employment levels and an increase in firms looking for space in the city.

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“The lack of stock is causing occupiers to look towards refurbished office space with ‘defurbished’ stock with exposed brickwork and open-plan work spaces becoming increasing popular in properties such as 101 Cardiff.”

Office investment into Cardiff reached £21m in the first quarter of 2017, compared with £79m in the same period last year.

Ross Griffin, investment director at Savills Cardiff, said: “Investors are seeking a ‘flight to quality’ and those with well let, income-producing assets are unwilling to sell unless they secure a strong exit price.

“Rising construction costs are now driving parties to buy, rather than develop new stock, adding further downwards pressure on prime yields.”