Occupier take-up increased to 2.9 million sq ft in Q3, 30% higher than in Q2 and 5% above the 5-year quarterly average. Despite the uplift in demand the overall availability rate was effectively unchanged at 9.1% in Q3, with an offsetting volume of refurbishments and new developments brought to market. Investment activity increased in Q3 and totaled 拢1.4产苍 across 29 transactions. The average deal size remained low at 拢48 million, which reflects the ongoing issues in raising debt for larger acquisitions. Office yields have moved out over 2023 more than any other major property sector and Central London offices annual total return was -14% in September.
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- London Markets - Q3 2023
London Markets - Q3 2023
London office property performance and key themes
2.9m
Sq Ft Take-up
9.1%
Availability rate
拢1.4产苍
Investment volume
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