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London Markets - Q2 2023

London office market summary

Occupier take-up was down 8% to 2.2m sq ft in Q2 and was one of the quietest on record barring the pandemic years. London’s office market has polarised further, with wide variations by submarket on supply and demand measures. A large wave of new development is expected in H2 in the form of construction overhangs and several comprehensive refurbishments, which will push availability higher. The investment market was quiet in Q2 and investor criteria on location and covenant has narrowed. However demand remains for suitable core-plus and value-add assets.

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London Markets team

Lloyd Davies


Rhodri Phillips


Fergus Jagger