Tech Belt
Keys stats this quarter
TAKE-UP FOR Q2 (SQ FT)
38% below the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Clerkenwell / Farringdon
Office demand remained subdued across the Tech Belt, falling 24% on the previous quarter to 238,000 sq ft to mark a 38% decrease from the 10-year average. The largest deal of the quarter saw serviced office provider Business Cube let 29,000 sq ft at Porters Place to expand their already sizeable office presence in London.
While other sectors are increasing their profile, the TMT & Creative sector still comprised the greatest sector for demand. This was primarily due to a handful of smaller deals across the market, with King’s Cross remaining a popular area. Indeed, the largest TMT deal saw Bending Spoons let 17,000 sq ft at Thorley Works - a 2024 completion - to relocate from Shoreditch to King’s Cross.
Office vacancy remained unchanged at 9%, despite the speculative refurbishment of the 47,000 sq ft Silbury + East in Shoreditch. A further 250,000 sq ft of speculative space across two schemes is due to complete before the end of 2025, developed by Tishman Speyer.
Prime rents remained at £95.00 psf with rental premiums achieved in locations with high quality developments located within proximity of key transport hubs, notably in King’s Cross and Farringdon.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q2
Source: Avison Young
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