Research

Western Corridor Office Market Dynamics, Q2 2024

Summary and analysis of Western Corridor's current office real estate market conditions.

August 08, 2024

Contributors:

Elaine Rossall
Vicky Heath
Barrie David

Almost 800,000 sq ft was acquired in H1 2024, nearly double the amount of take up in the first half of the previous year (H1 2023).

Speculative completions amounted to 138,800 sq ft across 2 schemes, with a further 1m sq ft currently under construction on a speculative basis and due for completion between 2024 and 2026.

Overall supply remains largely unchanged over the quarter, although tenant preference for good quality space has resulted in the new vacancy rate, which decreased in Q2 to 2.6%, the lowest level since early 2020.

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