Tech Belt
Keys stats this quarter
TAKE-UP FOR Q3 (SQ FT)
12% above the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Clerkenwell / Farringdon
Take-up in the Tech Belt was 453,000 sq ft in Q3 2024, which was almost double the Q3 2023 figure of 259,042 sq ft and 12% above the 10 -year quarterly average.
The largest deal was Uber’s 43,000 sq ft lease at 2 Leman Street, followed by 30,000 sq ft lease by Fresha at 207 Old Street. Government and Services (24%), TMT & Creative (16%) and Financial Services (14%) were the largest tenant sectors in the Tech Belt market in Q3 2024.
The Tech Belt vacancy rate increased to 10% in Q3, the highest recorded in this submarket. The prime rent in the Clerkenwell & Farringdon sub-market remained unchanged on the previous quarter at £95.00 per sq ft. There is a growing preference for high quality and sustainable office spaces.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q3
Source: Avison Young
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