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:
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