Take up in the core West End markets eased back in 2023 following the strong year of activity in the previous 12 months. Total activity for the year was 2.34m sq ft across 613 transactions. Activity in the final quarter of the year remained relatively stable at 567,869 sq ft, although the deal count for the quarter was down on the previous three quarters, with a total of 86 deals completing.

The picture across the sub markets is quite varied, with Mayfair seeing above average levels of activity, with Marylebone, St James’s and Soho seeing activity levels at or sightly below trend. Fitzrovia and Covent Garden have seen take up levels slow, falling 56% and 24% below trend levels respectively. The largest transaction in the final quarter of the year was the 173,400 sq ft pre let to Millennium Management at 50 Berkeley Street.

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