London office requirements have hit the highest level for 10 years with companies hunting for close to 12 million square feet of new office space, according to Knight Frank.
This figure represents a 34 percent increase compared to last year, with 80 percent of these firms intending to upsize, or match their office footprint in the U.K. capital. Additionally, 40 of these requirements involve a company seeking more than 50,000 square feet of new office space, which will underpin growth in leasing volumes and prime rents over the coming years.
The global property consultancy’s 2024 London Series insight provides an analysis of net absorption trends of large leasing deals – higher than 20,000 square feet– since 2021. The results illustrate a large proportion of companies sought to expand, rather than reduce, the amount of office space they occupy. Overall, the transactions analyzed show a net increase of 1.1 million square feet in the amount of space occupiers have l
