W1, SW1, W2, SW3, SW7, W8, NW1
Key Headlines
Take-up
Q3 2019 WE Prime rent
Q3 2019 West End Vacancy rate
Q3 2019 West End take-up
Take-up by Business Sector
WC1 & WC2
Midtown take-up reached 0.2m sq ft in Q3 2019, in line with the previous quarter and 36% down on the long term average (0.3m sq ft). Annual take-up to date totals 0.6m sq ft, 40% down on the same period last year.
The largest deal to complete this quarter was to Nationwide Building Society at The Post Building, New Oxford Street, WC1 acquiring 88,000 sq ft of office space, which resulted in the Banking & Finance sector taking a 19% share of Midtown take-up in 2019.
Vacancy rates
Q3 19 Midtown Prime rent
Q3 2019 Midtown End vacancy rate
Q3 2019 Midtown take-up
E1, EC1. EC2, EC3, EC4
KEY HEADLINES
Robust levels of take-up were recorded in the City this quarter reaching 1.7m sq ft in Q3 2019. This is up 20% on Q2 (1.4m sq ft) and above the long term quarterly average of 1.5m sq ft.
2019 take-up to end September totals 4.3m sq ft, down 22% on 2018.
The BT deal contributed to the Media Tech sector accounting for the largest share of City take-up in 2019 (18%).
The Banking & Finance, Professional Services and Serviced Office sectors all following closely behind equally taking a 17% share of demand.
Increasing demand for grade A space has resulted in a marginal fall in supply standing at 6.1m sq ft, down from 6.5m sq ft in Q2. As a result, the vacancy rate has fallen to 6.4% and remains below the long term quarterly average of 7.7%.
5.7m sq ft of office developments are set to complete this year, 57% have been pre-let.
Q3 2019 City Prime rent
Q3 2019 City Vacancy rate
Q3 2019 City take-up
Take-Up
SE1
Southbank take-up totalled 0.1m sq ft in Q3 2019, down on the previous quarter at 0.2m sq ft, and below long term quarterly average (0.2m sq ft). This brings annual take-up levels to 0.6m sq ft, on par with the same period last year.
Deals comprising <5,000 sq ft have driven demand with 67% of transactions in Southbank this year, up from 58% in 2018. The largest deal recorded in Q3 was an assignment to Urban (9,820 sq ft) occupying an entire floor at Dorset House, Stamford Street, SE1.
The Southbank continues to appeal to Media Tech occupiers who have taken a 45% share of 2019 take-up, a rise from 20% in 2018.
The vacancy rate in Southbank stood at 1.9%, unchanged from the last quarter and below the long term quarterly average of 5.0%.
0.4m sq ft of developments will reach completion in 2019, 82% has been pre-let.
Q3 2019 Southbank prime rent
Q3 2019 Southbank Vacancy rate
Q3 2019 Southbank take-up
E14
Q3 2019 Canary Wharf prime rent
Q3 2019 Docklands vacancy rate
Q3 2019 Docklands take-up