The Insurance sector is a stalwart of the London Office Market and has been evolving its workplace needs over time. This journey of transformation continues amidst a myriad of challenges impacting the sector. Whether it is attracting a new generation of talent (especially those with tech skills), adhering to regulatory change, or dealing with increased market competition in the face of rising operational costs – these factors are filtering through to firms’ decision-making on the future shape and size of their office footprint.
DeVono has compiled a short document highlighting those challenges facing the Insurance sector, and office leasing trends by the sector across London in 2022, touching on location choice and office size preferences and rents paid.
Here are some of DeVono’s key points:
- Insurance firm office leasing activity reaches an 18-yr high in 2022
- Average size of office space leased up 5% on the 5-yr average
- Insurance firms’ average rent paid increases by 16% in 2022
- The City remained the prime hub for the insurance sector
- Space quality and ESG goals dominate leasing strategies
- Leasing appetite drops in Q1 2023
The document also highlights a few insurance firms that we have supported with their workplace journey over the past few years.
Download the full report here.
