West End
Keys stats this quarter
TAKE-UP FOR Q3 (SQ FT)
87% above the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Mayfair
In Q3 2024, West End stood at 1.1 million sq ft, which is 86% higher than the equivalent quarter in 2023 and 87% above the 10- year quarterly average.
The market has witnessed strong take up in Q3 with two deals in excess of 100,000 sq ft, the first of this size since Q4 2022 . The largest transactions include BDO Services lease of 220,000 sq ft at 334-348 Oxford Street and Evercore Partner’s 132,000 sq ft lease at 105 Victoria Street.
Professional Services was the largest source of leasing demand with the sector accounting for 33% of take-up; followed by Financial Services on 21% and TMT & Creative on 11%.
The vacancy rate in the West End fell to 3.1% in Q3 2024, its lowest level since 2020. Prime headline rents in the core Mayfair was unchanged on the previous quarter at £160.00 per sq ft.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q3
Source: Avison Young
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