The London Commercial Real Estate Market UpdaTE
Central London Office Market Snapshot
In the latest edition of our new quarterly report, our Central London Office Market Snapshot, we bring you a comprehensive analysis of the London office market for Q1 2021.
Activity in Q1 has followed a similar pattern to that of 2020, with subdued leasing levels and rising office availability, with another quarter overshadowed by the pandemic national lockdown. Whilst the start to 2021 has been less than ideal, optimism is markedly on the up. The easing of restrictions, a successful vaccine programme and a growing appetite to return to the office is providing a renewed outlook with businesses looking closely at their property requirements, whatever stage they may be at, and how the workplace can support the recovery.
The market continues to swing in favour of the tenant, opening up enhanced opportunities on cost leading to a wider choice on size, space quality and location. Factoring these elements alongside lessons learnt from the pandemic and embedding them in workforce expectations makes for an interesting and pivotal point for workplace planning, and not just for the short-term.
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