Devono’s Insights team are pleased to share with you our latest location focused report, this time exploring the Soho office market. The report looks at how office leasing activity has varied within this market from pre to post pandemic alongside a closer look at this year’s shifting trends, while also providing a glimpse into availability and rental growth.
Key Takeaways from the Report
Leasing Activity
- A historic high in transaction numbers in 2023 boosted leasing volumes to their highest post-pandemic level at 445,173 sq ft.
- The quantity of space leased in 2024 so far is significantly lower than at the same point last year.
Sector Trends
- Financial sector has dominated post-pandemic (2020-2024), accounting for 41% of the space leased over this period.
- 2024 sees a more active media sector and the return of insurance sector deals.
Office Availability
- Contracting availability putting a squeeze on tenant options, with few Grade A options available to cater to larger requirements.
- Lack of optionality pushing firms towards the premium secondhand spaces.
Rental Trends
- Prime Grade A spaces commanding £115.00 per sq ft.
- Rental growth filtering through to Grade B rents – now 17% higher than they were 5 years ago.
As availability dwindles and landlords become more bullish with their rental expectations, it is becoming all the more important for Soho occupiers to seek tenant representation.
If you would like to speak with us about a potential move to Soho, or simply would like some more information around this report, please do not hesitate to get in touch, or alternatively you can find out more at our website www.devono.com.
