Midtown - WC1 & WC2

Quarterly take up in the Midtown office market has fallen to its lowest level since the start of the year. 264,000 sq ft has been recorded so far in Q3, which is a 34% decline on Q2 and a 12% decline on Q1. It was expected that the Midtown market could capitalise on the slumps experienced in the neighbouring City and West End markets, this has not materialised seeing only a slight peak in take up in Q2.

- 264,495 sq ft recorded so far for Q3, 51% of which is new or refurbished space.

- 4.6 million sq ft of available space, 30% of which is second hand space.

- Average rents have fallen from £30 psf in Q1 to £28 in Q3.

- 27,046 sq ft newly marketed in September.