West End
Keys stats this quarter
TAKE-UP FOR Q1 (SQ FT)
6% above the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Mayfair
2025 saw the strongest start to the year since 2019 with 643,000 sq ft of take-up in Q1. This is 6% ahead of the 10-year quarterly average. Contributing to strong levels of demand were four deals in excess of 50,000 sq ft, the largest of which was Cleveland Clinic’s 81,000 sq ft letting at 40 Grosvenor Place, SW1.
Another significant deal was Generation Investment Management taking 58,000 sq ft of the remaining space at the former Debenhams retail store on Oxford Street. Now rebranded as The M Building, 280,000 sq ft of office space at the scheme is now fully pre-let and due for completion this year.
Other key large department store redevelopments include the former House of Fraser store on Oxford Street, now named The Elephant, which will deliver 160,000 sq ft of office space next year. Fenwick’s department store at 63 New Bond Street, W1 is also undergoing a redevelopment of its retail and office provision. The office element is currently under offer to US law firm McDermott, Will & Emery.
The redevelopment of these large department stores is providing much needed stock to a supply starved West End. The vacancy rate stands at 4.0% which is below the long term average of 4.5%.
Prime headline rents continue to trend upwards reaching £180.00 per sq ft in Q1, this reflects quarterly growth of 3% and annual growth of 20%.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q1
Source: Avison Young
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