City Core
Keys stats this quarter
TAKE-UP FOR Q3 (SQ FT)
18% above the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
City Core
In the third quarter of 2024, City take-up increased to 1.0 million sq ft, which was 44% higher than Q3 2023 and 15% above the 10-year average. Total City take-up for 2024 year-to-date stands at 2.8 million sq ft which is only 2% down on the equivalent period in 2023.
The Financial Services sector was the primary driver of demand, accounting for 45% of all take-up for the quarter, followed by Professional Services on 24% and Business Services on 6%.
The largest deal of the quarter was Legal & General’s 179,000 sq ft lease at 25 Basinghall Street. Also, Akin Gump Strauss Hauer & Feld took 77,000 sq ft lease at 155 Bishopsgate, while a deal was signed for 68,500 sq ft at 25 Moorgate by Watson Farley & Williams.
The Vacancy rate in the City market saw its largest fall since Q3 2023, from 10.4% to 7.2% in Q3 2024. This is a promising sign for future rental growth and a boost to market confidence. The City Core prime headline has increased by 3% to £82.50 per sq ft, after remaining unchanged for the previous two quarters.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q3
Source: Avison Young
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