Tech Belt
Keys stats this quarter
TAKE-UP FOR Q1 (SQ FT)
20% below the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Clerkenwell / Farringdon
Take-up in the Tech Belt reached 314,000 sq ft in Q1 2025, 13% below the previous quarter and 20% below the 10-year quarterly average.
A lack of larger deals contributed to subdued levels of demand, Q1 2025 saw just one deal over 25,000 sq ft complete. Over the last 10-years, on average, three are recorded in the submarket per quarter.
Software company Samsara’s 38,000 sq ft deal at 1 Alie Street, E1 contributed to the TMT & Creative sector dominating take-up levels in the first quarter. The sector accounted for 42% followed by the Professional Services sector taking a 16% share.
The vacancy rate fell to 9.0% in Q1, down from 9.2% the previous quarter. Falling supply and strong demand for the best space continues to place pressure on prime rents, with quarterly rental growth of 5.6% recorded in King’s Cross (£95.00 per sq ft) and 5.0% growth recorded in Aldgate (£52.50 per sq ft).
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q1
Source: Avison Young
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