Central London office take-up continues to be subdued, with Q2 2024 reaching 2.42m sq ft, taking H1 2024 totals to 4.87m sq ft, above the five-year H1 average.
Core markets continue to see increased occupier demand with limited availability, pushing prime rents across both the City and West End.
Key findings from our Q2 2024 report indicate that:
- Take-up in Central London totalled c.2.42m sq ft in Q2 2024, with H1 2024 take-up reaching 4.87m sq ft, an increase of 5.1% increase on H1 2023.
- Grade A leases accounted for 69% of all transactions during Q2 2024, with the majority of high-quality leases being signed in the City.
- Prime rents are continuing to reach new heights, with West End increasing to £160 psf and City rising to £80 psf.
- Available office supply reached 27.86m sq ft at the close of H1 2024 which remains in line with the five-year average of 27.10m sq ft. Vacancy in Q2 2024 was 9.65%, with the West End reaching lows of 4.41% in Mayfair.
- Central London investment volumes totalled £0.9bn in Q2 2024, bringing the H1 total to £2.4bn, 26% down on H1 2023.
- Prime office yields stayed flat, with 4.00-4.25% in the West End and 5.75% in the City.
Download the full report below or contact Mhairi Thomson and Josh Arnold for more information.
