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INSIGHTS

UK London Office Marketbeat Reports

Access the latest quarterly commercial real estate results for the London office market. MarketBeat reports analyse quarterly market activity including, supply, demand and pricing trends.

DOWNLOAD Q4 2024 REPORT

KEY TAKEAWAYS FOR Q4 2024
  • 2024 Central London office take-up amounted to 9.68 million sq ft, 1% above that of 2023 but 4% down on the 10-year average.
  • Availability totalled 27.47 million sq ft in Q4, up marginally versus Q3 but now at a plateau, with Grade A vacancy expected to decline.
  • The under construction pipeline amounts to 15.18 million sq ft of which 43% is pre-let. The majority of this (67%) is due to deliver in 2025.
  • Investment in 2024 totalled £6.05 billion, 18% down on 2023 and with the lowest average deal size on record at £30.70 million.
  • Across Central London, prime office yields were held in Q4 from Q3 at 5.75% in the City and 4.00% in the West End.

For the data behind the commentary, download the full Q4 2024 UK London Offices Report.

2024 in review

Over the year, from an occupational perspective, the Central London office market demonstrated a remarkable resilience against at-times turbulent economic headwinds. Overall take-up recorded the second highest volume of the last five years. The theme of the year for the office market was quality, with Grade A take-up continuing the strength shown in 2023, achieving volumes 4% above the 10-year average. With this demand, and the rising standards being delivered by new schemes, rents have consequentially seen some of the strongest growth on record – particularly in strong locations within core submarkets.

 

Q4 2024 UK OFFICES MARKETBEAT
Access Q4 2024 commercial real estate results for the offices sector.
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Author

  • Kiran Patel
    Associate, Head of Regional Offices and Head of Life Sciences Research

RECENT UK LONDON OFFICE MARKETBEATS

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Contacts

Andrew Tyler- London
Andy Tyler

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

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Martin Richard Forbes Lay
Martin Lay

Head of London Office Capital Markets
London, United Kingdom

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Ben Cullen - London
Ben Cullen

Head of Offices, UK
London, United Kingdom

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