Occupiers growing their footprint in London office market

The Central London Office leasing market has seen occupiers expanding their footprint at record levels, according to CBRE.

Following an unprecedented downturn in activity because of the pandemic, Central London office take-up reached 12.7 million square feet  for the 12 months to the end of second quarter 2022, an increase of 153 percent when compared to the same period last year and 5 percent above the 10-year average.

Furthermore, CBRE’s data shows that for the 12 months to the end of second quarter 2022, 43 deals completed at 100 percent positive net absorption, equating to 2.3 million square feet. This is the highest level recorded for any 12-month period over the last eight years, demonstrating that expansion is still a priority for occupiers despite long-term changes in working practices.

The analysis also shows that for units over 20,000 square feet, 68 deals were leasedriven in the 12-month period between third quarter 2021 and second quarter 2022. Of