According to proprietary research by DeVono Cresa (DC), the second quarter 2020 saw 1.2 million square feet of office space leased across central London, a drop of 57 percent on the previous quarter. With the market feeling the full effects of the COVID-19 lockdown, demand, availability and rents in central London all trended as predicted, but with the pace somewhat subdued.
The first quarter 2009, at the time of the global financial crisis (921,000 square feet leased), remains the lowest quarter of take-up. Total office space leased for the first half (H1) of 2020 was 3.9 million square feet, down 43 percent from the first half 2019. The average deal size in the second quarter 2020, however, was 8,160 square feet, in comparison with 5,785 square feet in the first quarter 2020.
“Our data from the second quarter 2020 has shown that demand for office space has not disappeared, and with a number of deals already signed in July, businesses continue to commit to future o
