London has outperformed global rivals New York, Paris, Berlin and Hong Kong across a range of metrics, according to the latest Global Cities Survey published by London Property Alliance (LPA).
Offices prove to be the biggest driver of the capital’s robust performance, with the City and West End leading the pack with prime rental growth of 11.6 percent and 9 percent, respectively. London’s vacancy rate of 6.6 percent is its lowest post-pandemic, following a peak of 8.8 percent in 2023. Availability in prime City and West End developments is near record lows — 1.1 percent and 0.3 percent respectively, according to Knight Frank.
The fall in availability is in part due to a shortage of prime office stock, which has been exacerbated by a significant drop in major planning applications in central London over the past decade, as highlighted in LPA’s 2024
