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In Q4 2020, take-up reached 77,101 sq ft in Southbank, the highest quarterly take-up in the submarket since lockdown in Mid-March. This brings 2020 levels to 0.3m sq ft, 56% below 2019 (0.6m sq ft) and down on the long term annual average (0.9m sq ft).
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The largest deal of the quarter was at London Television Centre, 60-72 Upper Ground, SE1, where Proposition Studios leased the 10th – 13th floors (23,570 sq ft) on a four year lease.
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Following the trend across Central London, the Professional Services sector dominated demand in Southbank accounting for a 34% share of take-up.
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Supply at year-end rose to 0.7m sq ft, equating to a vacancy rate of 3.5%, the highest level since 2015, however comfortably below the long term average of 4.6%.
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Despite COVID-19 related construction delays, Southbank is expected to see 0.7m sq ft delivered in 2021, all of which remains available.