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Occupier Insights London Offices Market Update May 2021

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The London fit out market has been on a roller coaster ride during the last year, and despite some positivity making its way into business sentiment, the ride is not yet over.

Our Project & Building Consultancy team, alongside our Research & Economics team, has compiled this report to provide an overview of the London office market in the context of how the wider economy is performing.

We conducted a survey in Q1 2021 to take the temperature of the market with responses from contractors, suppliers and consultants that specialise in the London fit-out sector, in order to help occupiers to make informed decisions in these uncertain times.

In this report we also look at the response to the pandemic and how leasing activity has been affected over the last six months, and how this is in turn is impacting on fit out costs and tender price inflation.

Since our survey in Q3 2020 the outlook has changed with a successful COVID-19 vaccination programme and with lockdown restrictions easing on time, occupiers are shifting their thoughts towards the future of their office, and what that will look like. The situation is ever evolving, and here we provide some insight to help inform decision making.

Occupier Insights London Offices Market Update May 2021 search

Occupier Insights London Offices Market Update May 2021

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Colin Wood


London - West End

The premier cost consultant in EMEA. I help to shape design solutions by maximising value to clients and protecting their commercial interests. 

I have worked as a cost consultant in London since 2000, initially working for Gardiner & Theobald for three years on a number of new build commercial office developments.  Upon joining Turner & Townsend in 2004 I primarily worked on cultural sector projects such as Darwin Centre Phase 2 at Natural History Museum and the refurbishment of Tate Britain.  Since 2010 I have specialised in interior fit out.  I joined the Colliers team in August 2019 to help lead our Cost Management offer.

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Guy Grantham

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Guy has been a property research professional for 23 years and gained extensive knowledge of the UK and Global property markets. He has worked closely with a wide variety of major developers, landlords and occupiers in a consultancy capacity. Instrumental in supporting Hines' purchase of Brindleyplace for £200m, on which Colliers advised. He is now specialising in the London Office market using his extensive knowledge and experience to provide market leading insight into current occupier, investment and development trends.

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Walter Boettcher

Head of Research and Economics

London - West End

I am the the Chief Economist at global property advisors Colliers International based in London.  I am a research economist identifying timely research topics and directing research and forecasting outputs.

I have over 20 years UK and European property industry experience and extensive expertise across a wide range of property sectors and related industries.

I participate regularly in industry panel discussions, but am focused more on direct client engagement with institutions, property companies, banks, and private investors. A regular media commentator, I have a wide range of national and broadcast experience.

I joined Colliers International in August 2007 after several years at a private property company where he was responsible for managing a mixed portfolio of London residential, retail and office assets.

Previously, I worked in a few London property advisory firms, a geodemographic company as well as a few youthful sojourns in the US offshore oil industry, local government and entertainment business.

I am an economics graduate of the University of Texas at Austin and received his PhD from the Faculty of Science at University College London.  I am a member of Lambda Alpha International and the Society of Property Researchers.

Perhaps best known for my alternative take on property economics and investment, I am a keen proponent of UK regional development and infrastructure investment.

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