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London office market summary
Occupier take-up was down 19% to 2.4m sq ft in Q1, which was the lowest quarter since Q2 2021. Meanwhile construction overhangs from 2022 have pushed this year’s expected development completions to a record high 8.7m sq ft. Around 4m sq ft of this is still unlet amid occupier unwillingness to sign pre-lets before they can “kick the tyres” and see if the space works for them. Potential occupiers will have more options but supply will remain relatively tight at the top end of the market. Consequently grade A rents were unchanged in Q1 and are likely to be maintained over the next six months.