West End
Keys stats this quarter
TAKE-UP FOR Q4 (SQ FT)
20% above the 10-year quarterly average
VACANCY RATE
PRIME RENT (PER SQ FT)
Mayfair
Q4 2024 saw 706,000 sq ft of take-up in the West End, despite being 37% down on a very strong Q3, levels were up 20% on the 10-year quarterly average. Total 2024 volumes reached 2.6m sq ft, which is up 8% on both the 10-year annual average and 2023 volumes.
Three deals in exceeding 100,000 sq ft provided a welcome boost to 2024 figures, one of which completed in Q4; Microsoft’s 104,000 sq ft letting at 2 Kingdom Street.
The Professional Services accounted for the largest share of take-up last year, with a 20% share, followed by Financial Services and TMT & Creative sectors, both accounting for a 19% share each.
Constrained levels of development pipeline continue to drive down the vacancy rate, which fell to 2.9% in Q4, its lowest level since Q2 2020. As a result, prime headline rents increased to £175.00 per sq ft in Q4, up from £160.00 per sq ft in Q3.
KEY DEALS
Source: Avison Young
TOP TENANT SECTORS Q4
Source: Avison Young
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