Devono’s Insights Team are pleased to share with you our latest report, Southbank office market Q1 2024.
The Southbank office market is garnering significant attention from developers, continuing to add new best-in-class spaces to a market that already accounts for some iconic buildings such as the Shard. Given the ongoing push to deliver best-in-class options that cater to the demands of the modern occupier while already boasting an attractive secondhand market, how is the occupier responding to the Southbank? In our exploration of this office market, we take a look at how office leasing has compared to previous years, the differing pace of growth in prime rents and flexible office pricing as well as the availability of Grade A and secondhand spaces.
Below are some key highlights from the document:
- 719,000 sq ft leased in 2023 – up 10% on the previous year despite a reduction in the number of deals transacted
- Professional sector – largest incursion of firms into the Southbank since pre-2004 with 27 deals transacted
- Availability falls 5% over Q1 2024 yet is still up 22% on the short-term quarterly average for the period of Q1
- Prime Grade B rents – up 13% over 12 months to £67.50 per sq ft
- Flex pricing remains stable amidst heightened competition amongst providers
Click the image below to download the report.
If you would like any further information on this report, please do not hesitate to get in touch, or alternatively you can find out more at our website www.devono.com.
