BDGSP - Sub Market Office Report - West End Q1

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Summary

• Source: BDGSP
• Market: Office
• Date: Jan 2021

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Key take aways‍

• Take up in the West End remained on a similar trend
  Take up in the West End remained on a similar trend to the previous 12 months in Q1 2021, with a total of 366,200 sq ft of lettings across 80 transactions. Grade A take up accounted for 50% of the first quarter’s activity, with the largest Grade A transaction being the 30,000 sq ft by Crosstree to Waypoint Capital at 1 Berkeley Street.
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• Supply has increased by 72%
  Supply has increased by 72% (1.44m sq ft) since the start of the pandemic, rising to 3.46m sq ft. Almost 80% of the recorded increase in supply has been in Grade A space, which now stands at just under 2.0m sq ft. The most significant increase in supply have been the Soho and Noho markets, where availability has more than doubled.
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• Prime rents have continued to adjust down in most markets in Q1 2021
  Prime rents have continued to adjust down in most markets in Q1 2021 and are now down by 7.1% on average since the start of the pandemic. Marylebone and Mayfair have seen the most significant reductions over the past 12 months, with rents down by 10.8% and 10.6% respectively.
  

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View their full report here