West End

Office take-up was fairly subdued across the West End in Q2 2025, standing at 488,000 sq ft. This represented a 25% reduction from the previous quarter and 20% decrease compared to the 10-year average. While a handful of large deals were recorded over the quarter, a notable reduction in deal count (as was seen across all London markets in Q2) was the primary cause of this decrease.

The largest deal of the quarter saw legal firm McDermott Will & Emery let the entirety of the 115,000 sq ft Lazari Building to relocate and expand from 22 Bishopsgate. Formerly a Fenwick’s department store, The Lazari Building is currently under refurbishment and due to complete in 2027.

Vacancy rates increased marginally over the quarter from 4% to 4.2%. This was largely the result of speculative completions outweighing demand following the notable deliveries of Maple House, in Fitzrovia, and Pegasus House, in Mayfair, with floorplates also available at 25 Baker Street which completed part-speculatively over the quarter. Additionally, over 600,000 sq ft of speculative space is anticipated to be delivered before the end of 2025 which could provide a boost to Grade A vacancy, which remains around 1.4%.

The West End remained London’s highest rented market by a comfortable margin, with Mayfair and St James’s commanding the greatest rental premiums. At £182.50 psf, prime rents grew for the fourth consecutive quarter have seen annual growth of 14.1%, while rent frees remain at 24 months for a 10 year lease.