Office take-up across the Southeast and Greater London markets in first quarter rose to the highest first quarter total since 2008, according to Knight Frank. Leasing volumes totaled 1.2 million square feet, up 39 percent on the fourth quarter 2024, with 86 percent of the space taken being in new class A office buildings. This is ahead of the 80 percent annual figure recorded across 2024, as occupier demand for prime office developments continues gaining momentum.
The start of 2025 saw defense manufacturer BAE Systems lease 110,000 square feet across two buildings at Reading’s Green Park, representing the quarter’s largest letting deal. January also witnessed technology firm ARM pre-let the entirety of British Land’s 95,000-square-foot Optic building at Peterhouse Technology Park in Cambridge.
Availability in new, class A office buildings across the region stood at 6.9 percent, or 11.8 million square feet at quarter end. The development pipeline remains limited,
