Take up in the core West End markets has remained below trend in the first three quarters of 2023, with total activity in the year to date of 1.69m sq ft in 498 transactions. Third quarter activity slowed slightly based on a reduced number of deals, with just under 470,000 sq ft of space taken in 119 transactions.

Pre lets continued to dominate activity, with the largest letting in Q3 being the 49,175 sq ft pre let to investment group Moelis at Derwent London’s new scheme at 25 Baker Street. The building expected to be ready for occupation in mid 2025.

The other major transaction was the sub let of just under 50% of Nationwide’s former space at The Post Building, where Rothesay Life took an additional 44,180 sq ft of expansion space.

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