Devono’s Q1 2026 Central London Office Market Snapshot provides a detailed analysis of the trends reshaping the capital’s office market and influencing occupier decision making.
While leasing activity slowed modestly following a strong end to 2025, underlying demand remained resilient, with take-up outperforming the typical first quarter slowdown. The report explores how occupiers are increasingly moving earlier to secure the best quality space, with pre-letting activity surging as Grade A availability continues to tighten.
The snapshot also examines the sectors driving demand, with technology firms reclaiming top spot for leasing activity, alongside the changing geography of the market as the West End regains momentum and Canary Wharf continues its recovery.
Alongside leasing trends, the report reviews movements in rents, availability and the flexible office market, highlighting how rising occupational costs, the April 2026 business rates revaluation and evolving workplace priorities are shaping landlord and occupier behaviour alike.
Key themes include:
• Resilient leasing activity despite wider economic pressures
• Growing competition for best-in-class Grade A space
• Increased pre-letting and longer lease commitments
• Continued demand for prime secondhand space as occupiers balance quality and cost
• The resurgence of technology sector leasing activity
• Rental growth increasingly driven by availability dynamics
• The impact of the business rates revaluation on leasehold and flexible office markets
• Serviced office providers shifting focus towards hospitality, retention and experience-led offerings
The report provides occupiers with insight into where others are leasing, what they are paying and how workplace requirements continue to evolve across Central London.
