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London office market summary
Occupier take-up was up 10% in Q4 and totalled 3m sq ft. Take-up over 2022 as a whole was 12.1m sq ft – a significant 28% up on 2021, but still 17% below the pre-covid five-year average. As the first full year unblemished by covid restrictions, activity in 2022 has provided useful insight into how office space requirements have adapted to the structural shift to hybrid working. Occupiers have tended to gravitate to the best quality, most sustainable and amenity-rich space. However, overall space requirements are down and occupational footprints smaller, in a trend likely to continue as occupiers seek out ever-greater efficiencies in this recessionary environment.