Southbank
Keys stats this quarter
TAKE-UP FOR Q3 (SQ FT)
55% below the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
London Bridge
Following a strong start to the year, office take-up in the Southbank fell 71% in Q3 to 71,000 sq ft, 55% below the 10-year average. This was despite the quarterly office deal count remaining within historic averages, with a decline in demand for larger floorplates resulting in the recorded fall in take-up. The largest deal of the quarter saw engineering firm Waterman let 14,000 sq ft at Tide to relocate and slightly downsize from nearby Pickford’s Wharf.
Office vacancy rates increased by 1 basis point to 8.2%, due to release of secondary supply and completion of the 35,000 sq ft Barge Crescent outweighing take-up. 76 Upper Ground, fully let to Lego and Paypal, also completed over the quarter with no new developments expected to be delivered before 2026.
Prime rents stand at £80.00 per sq ft to represent annual rental growth of 3.2% in London Bridge. Waterloo has also experienced strong annual growth of 6.7% to £80.00 per sq ft. Rent free periods held at 24 months for a 10 year lease.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q3
Source: Avison Young
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