We are pleased to share our latest edition of the Central London Office Market Snapshot, offering a comprehensive overview of the leasing landscape and rent trends in Q3 2024, and an outlook as we head into 2025.
Our top three points from the latest analysis are:
- Recovery in Leasing Activity
- Geographic Shifts and High-Quality Demand
- Rental Stabilisation with Growth Expected
The quarter has shown a remarkable 20% increase in leasing volumes compared to the long-term average, driven by mid-sized deals and a shift in demand from sectors notably tech and finance.
Prime Rents saw only moderate changes in Q3, though the City and high-rise towers posted gains, reflecting a selective growth in prime markets. Rent-free incentives continue to be key negotiation points, with landlords offering extended rent-free periods and other financial contributions in certain markets – presenting some great opportunities.
Leasing activity in the West End surged, achieving its highest level since Q3 2021, as larger occupiers increasingly opted for this area despite its premium rents. The City remains the top leasing area, but its share has declined.
As we approach the end of the year, the outlook remains dynamic, with economic factors and shifting workplace strategies to heavily influence future leasing decisions. Stay ahead of the curve, click through to the full report for detailed analysis and sector breakdowns and the likely implications for businesses.
If you would like any further information on this report and its insights, please do get in touch or alternatively you can find more on our website at www.devono.com
