Q2 2020 Central
London office
market report

The UK economy has experienced a deep contraction recently. Although London is expected to weather the storm well, how has the office market performed over the last quarter?

August 06, 2020

That the UK economy has experienced a deep contraction as a result of Covid-19 is in no doubt. What remains unclear are the prospects for the medium term and whether the pandemic will change the world more permanently. GDP fell by 2.2% in the first quarter, but the downturn accelerated in Q2 with Oxford Economics (OE) predicting a decline of 22.1%, with further double-digit falls expected in Q3.

OE employment forecasts for London suggest that any fall will be short-lived, with office employment recovering to pre-Covid levels by the end of 2021, with continued growth thereafter.

London is expected to weather the storm better than other regions of the UK - with the smallest decreases in gross value added (GVA) in 2020 expected - and will lead the way in the longer term.

Read more about London and the office market in our Q2 2020 report.

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