Tech Belt
Keys stats this quarter
TAKE-UP FOR Q4 (SQ FT)
9.1% below the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Clerkenwell / Farringdon
The Tech Belt saw 353,000 sq ft of take-up in the last quarter of 2024. This is down on the 10-year average of 387,000 sq ft and 22% down on the previous quarter. Buoyed by a strong H1 however, 2024 take-up reached 1.9m sq ft, the highest level of take-up since 2013.
An increase in the number of transactions fuelled strong demand in the Tech Belt with 135 lettings recorded, up on the average of 82 seen annually over a 10-year period.
Unsurprisingly, the TMT & Creative sector continues to be the dominant acquirers of space in this submarket accounting for 39% of Q4 take-up and 28% of 2024 annual take-up.
The Tech Belt vacancy rate fell back to 9.2% in Q4 after increasing to 10% the previous quarter. Prime rents remain at £95.00 per sq ft in the Clerkenwell/Farringdon submarkets.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q4
Source: Avison Young
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