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London Office Market Snapshot Q3 2023

A rise in business confidence heading into the summer months has boosted office leasing across central London. Our latest London Office Market Snapshot, which covers Q3 2023 activity, highlights the current trends in office leasing, space availability, rents, and flex pricing, all of which will influence a business’s real estate obligations now and in the future.

Despite a more robust level of leasing over the past quarter, office availability has reached its highest level since 2004. Whilst there is a heightened level of new supply available, there remains a glut of secondhand space due to a shift in business requirements, such as size, quality, and flexibility.

Rising office availability in 2023 has not helped tenants find the right space, as rents continue to rise and limited supply in preferred locations forces many to compromise.

Below are some highlights from our market analysis:


Growing Optimisim Boost Leasing

  • Leasing in Q3 2023 up 12% on the long-term quarterly average
  • The City continues to be the most active location for leasing
  • Grade A accounted for the majority of space leased in Q3 2023


Rising Office Availability across Central London

  • Office availability reaches highest level since 2004 – now at 25 million sq ft
  • Available secondhand space now at a 12-year high
  • Double-digit drop in availability in Soho (-21%) and Victoria (-18%)


Upward Pressure on Top Quality Spaces

  • Super-Prime rents in Mayfair plateau at £190.00 psf this quarter
  • Tower Spaces now commanding £120.00 psf, up 45% over 5 years
  • Average rent-free incentive currently 19% higher than at the beginning of the pandemic


Competition & Negotiations for Flex Space

  • Average price per desk, per month is £826 for Grade A spaces
  • Average price per desk, per month is £487 for Grade B spaces
  • Occupiers are being bullish with their demands


Click on the report image below to download the document.

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London Office Market Snapshot Q3 2023

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