Central London office take-up completed 2024 with the most active quarter of the year, with take-up totalling 3.1m sq ft. The quieter start to 2024 meant that year-end volumes remained down by 6.2%, reaching 10.5m sq ft.

Grade A space accounted for 73.6% of take-up during the entirety of 2024. The demand for best-in-class space remains, and in turn, prime rents continue to reach record levels.

Key findings from our Q4 2024 report indicate that:

• Take-up in Central London totalled 3.1m sq ft in Q4 2024, an increase of 15.5% quarter-on-quarter, and bringing the 2024 total take-up volume to 10.5m sq ft.
• Grade A leases accounted for a 75% share of all transactions during Q4 2024, with c.671K of this space being pre-let.
• Prime rents are being held at record highs, with the City remaining at £82.50, an annual increase of 10%, and the West End staying at £160 psf, an annual growth rate of 6.7%.
• Available office supply reached 28.2m sq ft to end 2024, a marginal increase of 3.5% in comparison to the close of 2023. Vacancy in Q4 2024 was 9.7%, sitting lower than the three-year average of 9.9%.
• Central London investment volumes totalled £1.6bn in Q4 2024, an increase of 36% year-on-year, bringing the 2024 investment total to £5.2bn.
• Prime office yields remained stable for both core markets, with the West End holding at 4.0%, and the City standing at 5.5% to end the year.