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London Offices Snapshot Q3 2019

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London offices Q3 2019
Key highlights include:
  • The London office market continues to resist any negative sentiment deriving from ongoing ‘Brexit’ negotiations. The City market has seen demand surge for off-plan space, which has elevated quarterly take-up to a five-year high.
  • London-wide vacancy edged below 5% for the first time since early 2017, with availability of new/refurbished space close to an all-time record low for London. Occupiers are looking at alternative options which has driven down second-hand vacancy.
  • Pipeline supply is being constrained further in the face of exceptional pre-letting activity. Of the 12 million sq ft now under construction across London, 7.5 million sq ft is either pre-let or under offer. 65% of space now confirmed for 2020 has already secured tenants.
  • Demand is set to be bolstered further by a host of 100,000 sq ft requirements active across the entire London market.
  • City headline rents rose for the first time in two years and we would expect headline rents across the entire London market to see upward pressure over the next 6 months, in the face of acute supply shortages for prime product.

London Offices Snapshot Q3 2019

London Offices Snapshot Q3 2019

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Related Experts

Stuart Melrose

Head of London Occupier Advisory

Landlord & Occupier Advisory

London - West End

With more than 15 years’ experience in the commercial real estate industry, I have worked in both the U.S. and U.K. markets. By providing my clients with quantitative and qualitative information, I ensure that they are well informed to make strategic real estate decisions that are aligned with their short- and- long term corporate objectives.

 

Based in Colliers’s London office, I provide valued real estate advice that achieves measurable results to clients, representing a variety of local, national, and international organisations.

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