West End take up fell below trend in Q1 2023, falling to 571,600 sq ft in 181 transactions, with below trend rates of activity being recorded in Fitzrovia, Soho and Covent Garden. Take up in Mayfair, St James’s and Marylebone continued to drive activity in the West End, with activity in these sub markets at or above trend rates.

The largest letting in the Q1 2023 was the 106,100 sq ft pre let to PIMCO at Derwent London’s new scheme at 19-35 Baker Street, with the building expected to be ready for occupation in 2025. This continues the trend of large pre lets dominating letting activity over the past 12-18 months.

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