The volume of office space under offer in Central London in Q2 2026 hit the highest level since 2007, according to the latest data from Cushman & Wakefield.
The volume of space under offer in Q2 climbed by 51% quarter-on-quarter to 4.44m sq ft, the highest level for nearly 20 years. The increase was driven primarily by large occupiers targeting the wider City and Canary Wharf markets, with several major requirements progressing through lease negotiations.
Take-up in Q2 rose 28% quarter-on-quarter to 2.46m sq ft – broadly in line with the five-year average. The West End led leasing activity with 1.11m sq ft transacted, followed by 989,000 sq ft in the City and 324,000 sq ft in East London.
Investment activity improved in Q2 with £2.06bn of office assets traded, up on the £1.94bn recorded in Q1. This brought the half-year total to £4.02bn, 15% below both the H1 2025 and five-year H1 averages.
James Campbell, international partner and head of London offices leasing at Cushman & Wakefield, said: “The record volume of space under offer is a clear sign of occupier confidence. Businesses may be taking longer to make decisions, but they are still committing to London and increasingly beginning their searches earlier to secure the best Grade A space before supply tightens further, this is further evidenced by five off-plan pre-lets in 2026, either committed to or under offer.”
Chris Bennett, international partner and head of London offices capital markets at Cushman & Wakefield, added: “The first half of the year saw an increasing shift towards investments with scale, with larger lot sizes driving more than half of all activity. UK buyers led the way, but strong international capital from Europe, North America and Asia Pacific, together with increasing activity from institutional capital seeking core returns, speaks to the conviction that is returning to this market. With £3.13bn of assets now under offer, almost £1bn increase on Q1, we expect deal volumes to keep building through the second half of the year.”
