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July 24, 2021
HR Technologies

Central London office leasing rises by almost a third in Q1 2021

According to proprietary research by DeVono Cresa (DC), Q1 2021 saw 1.6 million sq. ft of office space leased across central London, representing a 27 percent increase on Q4 2020. As lockdown restrictions in the UK are eased, demand, availability and rents across central London have all trended as predicted and led to a leasing landscape that benefits tenants reviewing their space needs. The amount of office space leased in Q1 2021 is at its highest since the beginning of the pandemic yet remains significantly below the long-term quarterly average (-54 percent). The average deal size in Q1 2021 is marginally up on the previous quarter (+7 percent) to 6,812 sq ft, though still down -12 percent on the long-term annual average. A winter lockdown further hampered the return to the office, and dampened commercial appetite to transact. The uptick this quarter, albeit below average is a positive market indicator. A consequence of continued low leasing levels and surplus tenant space released back to the market throughout Q1 2021 has increased office availability across central London by a further 8 percent, now just shy of 20 million sq ft of space. The pace of this is slower than that seen during 2020, with the concentration of these increases having moved away from the traditional markets of the City and West End. The greatest rise in office availability over the past quarter was in markets that saw slower growth in 2020, with East Fringe up 32 percent, the Southbank up 20…
Central London office leasing rises by almost a third in Q1 2021

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