Knight Frank has forecast that office take-up in London will hit 12 million square feet (1.15 million square metres) for 2024 — 12 percent higher than in 2023.

The consultancy says occupation in the UK capital will be driven by higher levels of active requirements, forthcoming lease breaks, and further bifurcation toward better quality offices.

Deals will also be fuelled by leases ending or break clauses being activated across 28.3 million square feet (2.6 million square metres) of office space currently occupied between now and 2026. This is because more companies are trying to secure future workspace requirements as soon as possible due to a lack of new office schemes. Less than half of the available space in 16 of the 21 London office submarkets qualifies as new or refurbished space, according to Knight Frank. The City of London CBD district saw take-up of new or refurbished space in 2023 account for 75 percent of transactions, while this figure was 53 percent in