Occupier take-up was 4.4m sq ft in Q4, up 54% on Q3 and the largest quarterly volume since Q4 2018. Demand in Q4 was driven by two large HQ lettings which in turn pushed annual take-up to 11.8m sq ft, only 3% lower than 2022. Availability fell for the second consecutive quarter in Q4, but remains elevated at 8.8%. Further increases are expected in 2024 through new development and the increased volume of refurbishment activity, which is up by two-thirds since Q2 2023. Investment activity in Q4 was 拢1.6产苍, up 14% on Q3 but still 27% below the 5-year quarterly average. 2023 was a challenging year for office investment and the annual transaction volume was only 拢5.8bn, one of the lowest on record.
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- London Markets - Q4 2023
London Markets - Q4 2023
London office property performance and key themes
4.4m
Sq Ft Take-up
8.8%
Availability rate
拢1.6产苍
Investment volume
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