The Devono Insights team has launched its latest report, this time focusing on the Soho office market. Boasting a desirable amenity offering and a level of accessibility greatly enhanced by the Elizabeth Line, the Soho office market has found new appeal in recent years. However, we are seeing rental growth bite and availability of the best-in-class office space squeezed, making it all the more crucial for occupiers to have the latest data at their disposal to stay ahead in this much sought after market.
Key insights include:
Leasing:
• Volume of office space leased in 2024 dipped slightly but the number of transactions was up.
• Leasing activity was made up of smaller sized deals below 5,000 sq ft.
• The financial sector continued to be the most active in 2024 leasing 28% of space.
Availability:
• The average size of space available was 4,882 sq ft as of Q1 2025, minimal choice for mid-sized occupiers.
• Grade A space accounted for 29% of the total space available, downward pressure on secondhand options.
Rental Market:
• Prime Grade A rents rose to £120.00 per sq ft at the end of 2024.
• Prime Grade B rents have remained at £87.50 per sq ft over 2024.
Serviced Offices:
• Serviced office Grade A average pricing was £1,175 per desk, per month at the end of Q1 2025.
• Grade B average pricing remained at £575 per desk, per month.
If you are considering relocating to Soho or already have a Soho office and are coming up to a lease expiry/rent review, please do get in touch.
