Vacancy rates across London’s most sought-after submarkets stand at near record lows in its newest prime workspaces, according to Knight Frank.
Availability in newly constructed office buildings offering best-in-class tenant experience and sustainability credentials have fallen to 0.3 percent in the West End Core, comprising Mayfair and St James’s, and 0.5 percent in the City of London. This equates to only 379,394 square feet of office space in two of London’s largest submarkets; less than 8 months of average take-up for new office space. In comparison, vacancy rates across all London office stock currently stands at 9 percent, with a majority of this being space in average to lower quality buildings.
The year to date has witnessed 7.3 million square feet of leasing activity across central London. Pre-lease volumes, with more than 1.2 million square feet of workspace taken this year in buildings still under construction, reflect both growing business confidence
