Midtown / Southbank
Keys stats this quarter
TAKE-UP FOR Q3 (SQ FT)
19% above the 10-year quarterly average
VACANCY RATE
Average (Southbank 7.9%, Midtown 5.3%)
PRIME RENT (PER SQ FT)
Bloomsbury
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q3
Source: Avison Young
Midtown
In Q3 2024, Midtown take-up reached 254,000 sq ft, which was 39% higher than the previous quarter at 183,000 sq ft and 52% above the 10-year quarterly average.
The Professional Services sector was the most active during the quarter accounting for 26% of take-up, followed by Consumer and private services at 20% and Manufacturing and Industry at 20%.
The largest deal was by Il Bottaccio, taking 51, 158 sq ft at Judd Street in Camden, followed by a deal signed by Associated British Foods for 30, 710 sq ft at 1 Bayley Street. Midtown’s vacancy rate declined to 5% in Q2 2024, down from 6.3% in Q2 2024. Prime headline rents in Bloomsbury increased by 10%, from £77.50 in Q2 to £85.00 in Q3, which is the highest achieved rent. Also, Chancery lane witnessed a 7% increase in prime rent, reaching its peak at £82.50 per sq ft in Q3.
Southbank
Take-up in Southbank stood at 123,000 sq ft in Q3 2024, which was 54% lower than Q2 2024 and 18% below the 10-year quarterly average.
Manufacturing and Industry sector had the largest share of take-up at 27%, followed by Professional Services at 24% and TMT & Creative at 20%.
The largest deal of Q3 was signed by SharkNinja for 32,768 sq ft at 50 Electric Boulevard. Also, Creo London leased 15,006 sq ft at 11-15 St Thomas Street and Womble Bond Dikson took 14,352 sq ft at 4 More London Riverside.
The vacancy rate remained unchanged at 8% in Q3 2024. Prime headline rents in London Bridge were unchanged on the previous quarter at £77.50 per sq ft.
This report has been prepared by Avison Young for general information purposes only. Whilst Avison Young endeavours to ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without seeking professional advice. Avison Young assumes no responsibility for errors or omissions in this publication or other documents which are referenced by or linked to this report. To the maximum extent permitted by law and without limitation Avison Young excludes all representations, warranties and conditions relating to this report and the use of this report. All intellectual property rights are reserved and prior written permission is required from Avison Young to reproduce material contained in this report.