Office leasing activity in Central London in Q3 2024 exceeded the pre-pandemic, five-year quarterly average by 4%, according to the latest data from Cushman & Wakefield.
In Q3, 2.56m sq ft of take-up was recorded across Central London – up 21% quarter-on-quarter – with Grade A space dominating activity, accounting for 70% of Q3 take-up – well above the 10-year average of 59%.
The City accounted for 1.5m sq ft of take-up with the West End accounting for 1m sq ft in Q3.
Total activity for the period Q1 to Q3 2024 stood at 6.34m sq ft – 1% above the same period in 2023. A further 3.1m sq ft of space was under offer at the close of Q3 – 8% above the Q2 figure.
Andy Tyler, head of London office leasing at Cushman & Wakefield, said: “Indicators suggest that supply has now broadly stabilised over the last 18 months and we noted a 1% reduction during Q3. With a constrained development pipeline, we should begin to see a reduction in vacancy rate within the next 12 months which in turn should put yet further upward pressure on rental values, especially in key locations.”
