CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}
2024 London Moves 2024 London Moves

INSIGHTS

London Moves

OVERVIEW  |   WATCH VIDEO  |   KEY TAKEAWAYS  |   LONDON MOVES ANALYSIS  |  FAQ  |   CONTACTS

As the London office market continues to evolve and adapt, the London Moves report provides a detailed analysis of the trends and shifts in 2023. It highlights the who, what, where and why of office relocations across the Capital. We delve into the intricacies of the market, providing thought-provoking insights and actionable data for investors, occupiers, and developers.

London Moves analysed 545 Central London leasing transactions that took place across 2023, dissecting the data by a combination of metrics and categories including relocation type, submarket, business sector and size.

Read the report and get in touch with one of the team to understand how this data and insight can be applied for you.

“The London office market continues to demonstrate resilience and adaptability. The sustained high volume of transactions, coupled with the steady influx of new occupiers, underscores London's unwavering appeal as a global business hub. This year's trends, notably the migration trends and the significant expansions in Central London, reflect a market that continues to flourish, whilst still adapting to the on-going, and well documented, structural and cyclical changes. Our 'London Moves' report captures these movements and offers configurable data points that can be applied to support varying applications for our clients.” Ben Cullen, Head of Offices UK

WATCH VIDEO

LONDON MOVES ANALYSIS

The number of deals in 2023 (545) remained high, albeit 9% lower than the volume recorded in 2022 which was a record high. As with 2022, this was driven by a high volume of 5,000-25,000 sq ft deals (438), although this was a reduction of 11% on the prior year.

There were 59 new Central London occupiers taking space across the market, in line with 2021 but marginally lower than the 2022 when 63 new entrants were recorded. Of this number, 28 occupiers were new businesses acquiring their first office space, while the remaining 31 occupiers relocated from outside of Central London, of which 12 were from within Greater London. This graph shows these new entrants by sector.

Of the companies that already had a Central London presence, 327 occupiers expanded on their prior accommodation, either through relocation or an additional office, equating to total expansion of 3.69 million sq ft. A further 92 occupiers reduced their space through relocation, a loss of 1.77 million sq ft, resulting in an overall expansionary market of +1.92 million sq ft.

FAQ

The volume of deals in 2023 stood at 545, which is 9% lower than the record high volume recorded in 2022. This was mainly driven by a high volume of deals between 5,000-25,000 sq ft which numbered 438, a reduction of 11% from the prior year but proportionately aligned to prior years at c.80%.

Core locations of Mayfair & St James’s and the City Core, and submarkets bordering these areas, remain the most attractive for investors, occupiers, and developers, showcasing strong rental prospects and lower vacancy rates compared to non-central locations. With supply expected to tighten in the core over the coming years, competition for space will drive further rental growth.

In 2023, 181 deals were signed in the City Core, which was the highest number of deals since 2015. Nearly 50% of occupiers who relocated remained within the City Core. In the West End, Mayfair was the most active with 33 deals signed during the year, of which a third relocated from within the submarket.

Government and Public Sector occupiers, Media and Retail & Leisure businesses remained the most footloose within Central London, maintaining long-term trends.

In 2023, there were 59 new Central London occupiers. Of this number, 28 were new businesses acquiring their first office space, while 31 occupiers relocated from outside Central London.

In 2023, 327 occupiers expanded their prior accommodation, either through relocation or an additional office. This resulted in a total expansion of 3.69 million sq ft.

In 2023, 46 occupiers relocated from the West End to the City, which was the highest figure since 2015. Whilst cost is always a considered driver, the lack of available grade A space in the West End is driving occupiers to search in alternative locations.

In the 100,000 sq ft+ market, there were 7 deals in total. Of these, 5 occupiers expanded by 593,000 sq ft while 2 contracted by close to 800,000 sq ft. This resulted in a net loss of space of -204,000 sq ft.

The average distance moved by occupiers who relocated within Central London in 2023 was 0.86 miles, in line with the results in 2022.

CONTACTS

Heena-Gadhavi
Heena Gadhavi

Associate, Head of London Offices Research
London, United Kingdom


Download VCard

Daryl Perry
Daryl Perry

Head of UK Research & Insight
London, United Kingdom


Download VCard

Ben Cullen - London
Ben Cullen

Head of Offices, UK
London, United Kingdom


Download VCard

Andrew Tyler- London
Andy Tyler

International Partner, Head of London & South East Office Leasing
London, United Kingdom


Download VCard

Martin Richard Forbes Lay
Martin Lay

Head of London Office Capital Markets
London, United Kingdom


Download VCard

James Meikle
James Meikle

Head of London Occupier Representation
London, United Kingdom


Download VCard

Related Insights

hero_banner_Bureaux-IDF_750x4564.jpg
MarketBeat • Workplace

Paris Region Office Marketbeat

The Office Marketbeat Greater Paris Region analyses the activity of commercial real estate in Paris region in the office sector, taking into account supply, take-up and transactions across markets and submarkets. 
Olivier Taupin • 07/11/2024
hero_banner_Bureaux-Marseille-Q2-2024_750x456.jpg
MarketBeat

Office Real Estate MarketBeat in Aix-Marseille Region

The Office Marketbeat Aix-Marseille region analyses the activity of commercial real estate in Lyon region in the office sector, taking into account supply, take-up and transactions across markets and submarkets.
Lucile De Malet • 07/11/2024
Global MarketBeat Report Map
MarketBeat

Spain Marketbeats

Commercial property activity across office, retail, industrial and living real estate sectors.
Marta Esclapés • 04/11/2024
XSF-Instant-Insight-Hero-webcard
Research • Workplace

Experience per Square Foot Instant Insights

Our Total Workplace Research & Innovation Team provides the latest trends in the dynamic commercial real estate industry.
25/09/2024
office
Research

European Office Update

Access exclusive insights into leasing activity, prime office rents, and the evolving workspace landscape.
Nigel Almond • 27/08/2024
Asian female workers
Article • Workplace

The Impact of Covid-19 on Bangkok's Office Space Demand and Future Trends

Many companies have now adapted to the new norm, significantly reducing the demand for office space in Bangkok.
Aukit Pronpattanapairoj • 08/08/2024
Reworking the workplace
Article • Workplace

Re-working the Workplace

Nicola Gillen • 23/05/2024
Flex Image
Article • Workplace

The 3 epochs of Flexible Workspace providers: emerging, boom, new era

There has been an evolution in Flexible Workspace operator acquisition activity over the past decade.
Heena Gadhavi • 25/03/2024
Office Fit Out Cost Guide - Web card
Research • Workplace

UK Office Fit Out Cost Guide

Explore our Office Fit Out Cost Guide 2024 to budget and plan your workspace transformation in the UK effectively. Start optimizing your office today!
Thomas Moore • 20/03/2024

Related Services & Industries

Offices Occupier Representation

Our Occupier Representation team will support you through the entire process of your search for an office space, from the beginning all the way to signing the lease and fitting out your new premises.

Learn More
Office Lease Advisory

Our Lease Advisory team is an experienced, dynamic, innovative and proactive commercial team.

Learn More
Offices Leasing

Cushman & Wakefield provides a bespoke office leasing service to investor, developer and public sector clients across the UK & Ireland.

Learn More
Design + Build

Perhaps you have a good understanding of your real estate requirements and want the certainty of a fixed price with an expert partner?

Learn More
Serviced Offices

The flexibility and all-inclusive nature of serviced offices makes them a potentially invaluable resource for organisations in any sector.

Learn More
Flexible Workspace

Whether you are a landlord, investor, occupier or operator, our market-leading team of experts can reveal what’s new in the flexible workspace sector – and what it could mean for your business and buildings.

Learn More
Office & Business Space

Cushman & Wakefield is a leading advisor to occupiers, investors and developers of office space across the UK & Ireland.

Learn More

LOOKING FOR SOMETHING SPECIFIC?

Get in touch and we can assist with any additional information you need.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Cookies.
MORE OPTIONS
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS