Vacancy rates in newly constructed office buildings offering best-in-class tenant experience and sustainability credentials have tumbled in London, says Knight Frank.

The consultancy says office space availability for the newest prime workspaces sits at 0.3 percent in London’s West End and at 0.5 percent in the City of London. This equates to only 379,394 square feet (35,246 square metres) of office space in two of London’s largest submarkets, which is less than 8 months of average take-up for new office space in both areas. In comparison, vacancy rates across all London office stock currently stands at 9 percent, with the majority being space in average- to lower-quality buildings.

London’s office market momentum is underpinned with almost 2 million square feet (186,000 square metres) of deals under offer in the City, and 1 million square feet (93,000 square metres) in the West End. Demand for new office space in the context of scarce availability has seen prime