Q4 Key Findings:
- Take-up totalled 10.25m sq ft during Q4 2023, taking the full year volume to 32.5m sq ft throughout 2023, just 2% below the five-year pre-pandemic average.
- Despite the number of units under offer falling, the total volume of space under offer rose during Q4, now accounting for 9.7m sq ft, pointing to a potential recovery in the occupational market during 2024.
- Availability has continued to increase rising to 66.4m sq ft, although Q4 stats continue to show a deceleration in the volume of stock coming to market.
- Availability had previously been growing by circa 4m sq ft a quarter since Q2 2022.
- The volume of grey space available contracted during Q4 2023, with total space available by way of sub lease now standing at 7.3m down from 7.7m sq ft during Q3.
- Investment volumes remain muted totalling £6.4bn during 2023, following £1.2bn transacting during the final quarter of 2023.