Tech Belt
Keys stats this quarter
TAKE-UP FOR Q1 (SQ FT)
68% above the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Clerkenwell / Farringdon
Take-up in the Tech Belt reached 668,000 sq ft in Q1 2024, which was the market’s strongest performance since Q3 2019 and 68% higher than the ten-year average. Take-up levels are volatile on a quarterly basis in this district; but nevertheless the figures point to strong demand at a time when there is growing interest in artificial intelligence and its applications across the corporate world.
The largest deal was Fintech firm, WISE Payments, taking 83,000 sq ft at Worship House, 65 Clifton Street, EC2, while Super Group, an internet gaming firm, took 61,000 sq ft at the St Pancras Campus on Royal College Street, NW1.
The Financial Services sector accounted for the largest share of take-up at 22%, followed by the Tech & Creative sector at 10%. However, in the Tech Belt the distinction between Finance and Tech firms is often blurred due to the prevalence of Fintech companies.
The vacancy rate nudged up to 8.1% in Q1 2024 compared to 7.8% in Q4 2023, but remains well below its Q1 2023 peak of 9.9%. Prime headline rents remained stable at an average across the sub-markets of £73.33 per sq ft. The prime rent in the Clerkenwell & Farringdon sub-market was unchanged at £92.50 per sq ft, which represents the highest in the Tech Belt.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q1
Source: Avison Young
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