Southbank
Keys stats this quarter
TAKE-UP FOR Q1 (SQ FT)
113% above the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
London Bridge
Take-up in the Southbank reached 322,000 sq ft in the first quarter, 40% ahead of Q4 2024 levels and 113% ahead of the 10-year quarterly average.
Bolstering demand levels were five deals in excess of 25,000 sq ft, up on the average of just one seen per quarter. The largest deal in Q1 was Whitbread’s 62,000 sq ft letting at 10 Wandsworth Road, SW8. Despite this large letting in the Vauxhall/Battersea submarket, demand was concentrated in Southwark, which made up 60% of the total.
The vacancy rate saw a slight increase to 7.6% in Q1, from 7.4% the previous quarter. Prime rents in London Bridge saw growth of 3.2% in Q1 to £80.00 per sq ft, this reflects annual growth of 6.7%. Rent frees remain at 24 months on a 10 year lease.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q1
Source: Avison Young
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