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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.

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Occupier Insights London Offices Market Update May 2021

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Guy Grantham

Director of Research and Forecasting

Research and Forecasting

London - West End

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

Research and Forecasting

London - West End

As Head of Research and Economics at global property advisors Colliers based in London, I lead a team of researchers identifying timely research topics and directing research and forecasting outputs. I have 25+ years of UK and European property industry experience and extensive expertise across a wide range of 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 publication and broadcast experience. I joined Colliers International in August 2007 after several years at a private property company where I 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 a  PhD from the Faculty of Science at University College London.  I am a member of the London Property Economics Forum and  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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