West End
Keys stats this quarter
TAKE-UP FOR Q1 (SQ FT)
22% below the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Mayfair
In Q1 2024, West End take-up totalled 473,000 sq ft, which is 18% down on the same quarter in 2023 and 22% below the ten-year average. Activity in the quarter was held back by fewer large deals. Take-up in Q1 2024 in the 25,000 sq ft+ size band was down by 49% compared to Q1 2023.
The Financial Services sector was the most active during the quarter, accounting for 23% of take-up. The largest deal to a financial sector occupier of the quarter was Campbell Lutyens’ acquisition of nearly 27,000 sq ft at 20-24 Carlton House Terrace, SW1, in St James’s.
The largest West End deal of Q1 was serviced offices group Orega’s 36,000 sq ft deal at 80 Strand, WC2. Also, tech firm Databricks took 29,000 sq ft at Charlotte House, Windmill Street, W1.
The vacancy rate in the West End fell to 3.4% in Q1 2024, its lowest level since 2020.
In the West End, prime headline rents increased to £150.00 per sq ft, based on the core Mayfair sub-market, a quarter-on-quarter rise of 5.9%. Six of the ten West End sub-markets we track recorded rental growth in Q1.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q1
Source: Avison Young
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