London office market summary
Occupier take-up was 4.4m sq ft in Q4, up 54% on Q3 and the largest quarterly volume since Q4 2018. Demand in Q4 was driven by two large HQ lettings which in turn pushed annual take-up to 11.8m sq ft, only 3% lower than 2022. Availability fell for the second consecutive quarter in Q4, but remains elevated at 8.8%. Further increases are expected in 2024 through new development and the increased volume of refurbishment activity, which is up by two-thirds since Q2 2023. Investment activity in Q4 was £1.6bn, up 14% on Q3 but still 27% below the 5-year quarterly average. 2023 was a challenging year for office investment and the annual transaction volume was only £5.8bn, one of the lowest on record.
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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