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London Office Market Analysis - Q1 2021
Summary
- Source: EG
- Market: Office
- Date: 8th June 2021
Key take aways
- 67% drop against Q4 2020 with £1.2bn spent.
The flurry of investment activity towards the end of last year failed to continue into2021 as figures from EG Radius indicate a 67% drop against Q4 2020 with £1.2bn spent
- Occupiers took 1.3m sq ft in new lettings
Meanwhile, occupiers took 1.3m sq ft in new lettings – a healthy increase of 43.3%against last quarter, but still less than half the five-year average for quarterly take-up.
- 163 individual leasing deals got over the line in Q1
A total of 163 individual leasing deals got over the line in Q1 – a third consecutive uptick in transactional volumes as post pandemic workplace strategies begin to take shape. Planning activity suggests persistent confidence in the prospects of new-build space and the slump in Grade-A rental tone seen throughout last year’s quarterly reports has been arrested. Domestic economic forecasts are also improving.
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