Take-up of office space in Central London reached 9.44m sq ft in 2025 – down 7% on 2024 and 9% on the 10-year average, according to the latest figures from Savills.
In Q4, deals totalling 2.6m sq ft completed – a 36% increase on Q3. Four of the deals were for more than 100,000 sq ft, taking the number of transactions of that size to a three-year high.
At the end of Q4, there was a total of 12.4m sq ft of requirements – 35% above the 10-year average – and supply levels in Central London were 19.5m sq ft, equal to a vacancy rate of 7.5%.
Rents across Central London continued to grow last year with the average prime rent in the City of London increasing 7% to £105.26/sq ft – the first time the average has hit three figures – with West End rents rising 6.1% to £166.61/sq ft.
Philip Pearce, executive director of Savills’ Central London agency team, said: “The take-up figures for the year were in line with our projections, as occupiers become more selective with their space and are increasingly happy to extend their lease until the right building becomes available. With a constrained supply pipeline, there is more competition for the best buildings, as evidenced by the rising rental figures across the City and West End.”
