Midtown / Southbank
Keys stats this quarter
TAKE-UP FOR Q4 (SQ FT)
86.1% above the 10-year quarterly average
VACANCY RATE
Average (Southbank 7.4%, Midtown 5.7%)
PRIME RENT (PER SQ FT)
Bloomsbury
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q4
Source: Avison Young
Midtown
Demand in Midtown exceeded the 10-year quarterly average by 115% in Q4 2024, reaching 370,000 sq ft. As a result, annual volumes reached the highest level since 2013, reaching 939,000 sq ft which is 39% ahead of the 10-year annual average.
Strong leasing levels were driven by an increase in larger deals, in particular the >50,000 sq ft size band which saw four lettings in comparison to an average of two per annum. There was also an increase in the number of deals completing last year, which saw a 46% surge when compared to the 10-year average.
Prime headline rents in Bloomsbury increased from £85.00 per sq ft in Q3 to £87.50 in Q4. Rent frees remain at 24 months on a 10-year lease.
Southbank
230,000 sq ft of take-up was recorded in Southbank in Q4, bringing 2024 annual volumes to 703,000 sq ft. This is 14% ahead of the 10-year annual average. The largest deal of last quarter was CoStar's 52,000 sq ft letting at the Blue Fin Building.
The vacancy rate ended 2024 at 7.4%, down from 7.9% in Q3 and 8.3% in Q4 2023. Prime rents in all micro markets of Southbank remain unchanged; London Bridge at £77.50 per sq ft, Battersea/Nine Elms at £62.50 per sq, Vauxhall at £55.00 per sq ft and Waterloo/Bankside/Southbank West 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.