Midtown / Southbank
Keys stats this quarter
TAKE-UP FOR Q2 (SQ FT)
42% above the 10-year quarterly average
VACANCY RATE
Average (Southbank 8%, Midtown 6.3%)
PRIME RENT (PER SQ FT)
Bloomsbury
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q2
Source: Avison Young
Midtown
In Q2 2024, Midtown take-up stood at 183,000 sq ft, which was markedly higher than Q2 2023 at 65,000 sq ft, and above the 10-year average of 166,000 sq ft. On a quarterly basis take-up in this sub-market is relatively volatile, although H1 2024 take-up was 314,000 sq ft compared to 167,000 sq ft for H1 2023.
The largest transaction of the quarter was the letting of 43,000 sq ft to GroupM, a subsidiary of the global advertising corporation, WPP, at 26 Red Lion Square, WC1.
Midtown’s vacancy rate declined to 6.3% in Q2 2024, down from 7.6% in Q1 2024. Prime headline rents were stable at £77.50 per sq ft in Holborn and Chancery Lane but declined from £80.00 per sq ft in Q1 to £77.50 per sq ft in Q2 in Bloomsbury.
Southbank
Southbank take-up was strong at 266,000 sq ft in Q2 2024, which exceeded both the Q2 2023 figure of 165,000 sq ft and the 10-year average of 150,000 sq ft. However, it should be noted that take-up levels in Southbank have historically been volatile on a quarterly basis.
The largest transaction was appliances company, SharkNinja, taking 32,000 sq ft, at 50 Electric Boulevard in Nine Elms. Also, Power Leisure Bookmakers signed on 27,000 sq ft at 58 Southwark Street, SE1, and IT Consulting firm, Wipro, acquired 24,500 sq ft at Arbor, 255 Blackfriars Road, SE1, which is part of the Bankside Yards scheme.
The vacancy rate increased to 8.0% in Q2 2024, compared to 7.2% in Q1, although this is still below the 8.4% peak seen in Q3 2023. Prime headline rents increased in the London Bridge submarket from £75.00 per sq ft in Q1 to £77.50 per sq ft in Q2. In Waterloo, prime rents remained stable at £75.00 per sq ft.
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