Research
Central London Office Market Dynamics, Q4 2024
Summary and analysis of Central London's current office market conditions.
January 30, 2025
Contributors:
- Chris Valentine
- Julian Sandbach
- Elaine Rossall
- Hayley Mooney
A strong final quarter resulted in 2024 leasing activity on a par with the previous year. Total volumes are 13% ahead of the 5-year average but remain below the long-term average of 10 million sq.ft.
Supply increased slightly, with newly marketed secondhand space boosting supply across the market. New and refurbished space continued to contract.
Prime rents increased for the second consecutive quarter and reached £155.00 per sq.ft., which reflected annual rental growth of just under 11%.
