Southbank Office Market Snapshot Q1 2023

Following the recent launch of our Central London Office Market Snapshot, we have taken a deeper dive into our research and are pleased to present a focus on the Southbank Office Market in 2022 and Q1 2023. This succinct report examines the market dynamics of the SE1 business district, bringing attention to the latest patterns in office leasing, rental rates and availability.

Office take-up across the Southbank office market in Q1 2023 bucked the wider London lethargic levels of leasing. As such landlord sentiment towards prime rents has been bullish, as office availability continues to erode.

Key highlights:

• Leasing activity edges up
• New prime rent high benchmark set
• Professional sector driving demand in Q1 2023
• Squeeze on available space

Economic uncertainty, inflationary pressures, and high operational costs are immediate concerns that are expected to persist, leading businesses to adapt their workplace strategies accordingly. Market fundamentals are expected to shift further as we progress through the year and into 2024. Have a read of our snapshot to keep up-to-date with the market.

To find out more, download the report here.