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Office Market News

The London office rental market is experiencing a "rental recession" due to a 30-year high in vacancy rates, according to Jefferies.

On September 27th, Reuters reported that London's struggling office market is currently facing a "rental recession." This situation has arisen because of a 30-year high in vacant office spaces within key business districts like the West End, City, and Canary Wharf in the UK capital. This trend is putting pressure on the stock prices of various prominent property owners.

Birmingham has achieved the highest office occupancy rate outside of London and the South East.

During the second quarter of this year, Birmingham saw the highest office occupancy rate outside of London and the South-East, as reported in CBRE's latest UK Office Market Report.

Leeds Emerges as a Leading UK Hub with a Surge in Office Transactions.

At the UKREiiF event held in May, a prominent real estate gathering in the UK, the prevailing discussions among property experts within the halls of the Royal Armouries Museum in Leeds centered on subdued transaction levels, persistent inflation concerns, and the increasing interest rates.

The most recent analysis of the Central London office market's performance during the second quarter of 2023.

Central London office market report for the second quarter of 2023. In this report, we present a summary of key statistics and developments that have influenced the market during this period. For a more detailed analysis, you can access the complete report below.

Interviews

Tenant experience brought up to next level

Vincent Vallois MRICS, Co-Founder of Online Real Assets – CEE Partner of Spaceflow tenant experience application – sees the market from a new perspective. Online Real Assets has just launched Spaceflow in Hungary and they see great potential and momentum for a space-as-service transition of the commercial real estate market.

Interview of Filippo Rean, director of the real estate division of Reed MIDEM - MIPIM and MAPIC markets.

With his expertise, he speaks to us about his vision of PropTech and enlightens us on the trends to follow.

Transactions

Date Business Center Tenant m2 Lessor
2023 Q1 2 Aldermanbury Square, EC2 Clifford Chance 29636 CBRE
2023 Q1 The Hallmark Building Knotel 4716 BNP Paribas Real Estate
2023 Q1 Lansdowne House Blackstone 20899 Avison Young

More Transactions »

Best of 2023

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