Midtown / Southbank
Midtown
In Q1 2024, Midtown take-up stood at 131,000 sq ft, which is 23% below the 10-year quarterly average but higher than the 102,000 sq ft acquired in Q1 2023.
The largest transaction of the quarter was the letting of 68,000 sq ft to law firm, Debevoise & Plimpton, at The Northcliffe, 26 Tudor Street, EC4. Also, online marketing firm MQ Digital took 9,500 sq ft at High Holborn House, 52-54 High Holborn, WC1.
Midtown’s vacancy rate remained unchanged at 7.6% in Q1 2024, although it is still below its Q3 2022 peak of 8.2%. For the Midtown submarkets, the prime headline rents were £80.00 per sq ft in Bloomsbury, £77.50 per sq ft in Chancery Lane and £77.50 per sq ft in Holborn.
Southbank
Southbank take-up fell to just under 82,000 sq ft in Q1 2024, which marks the third consecutive quarter below the 10-year average of 150,000 sq ft. However, it should be noted that take-up levels in Southbank have historically been volatile on a quarterly basis.
The largest transaction was law firm, Greenberg Traurig, acquiring 32,000 sq ft at The Shard on London Bridge Street, SE1. Also, student accommodation provider, IQSA Services, signed on over 14,000 sq ft at 2 More London Riverside, SE1.
The vacancy rate declined to 7.2% during the quarter, which was down on the 8.3% seen at the end of Q4 2023. Prime headline rents in the London Bridge and Waterloo sub-markets remained stable at £75.00 per sq ft.
Keys stats this quarter
TAKE-UP FOR Q1 (SQ FT)
33% below the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Bloomsbury
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q1
Source: Avison Young
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