London office market summary
Occupier take-up increased to 2.9 million sq ft in Q3, 30% higher than in Q2 and 5% above the 5-year quarterly average. Despite the uplift in demand the overall availability rate was effectively unchanged at 9.1% in Q3, with an offsetting volume of refurbishments and new developments brought to market. Investment activity increased in Q3 and totaled £1.4bn across 29 transactions. The average deal size remained low at £48 million, which reflects the ongoing issues in raising debt for larger acquisitions. Office yields have moved out over 2023 more than any other major property sector and Central London offices annual total return was -14% in September.
As sustainability and energy security become a key concern across the power-hungry industrial sector, a team from G… https://t.co/x4ZLsd5FE9
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