London Office Market 2024

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Office Take up 

Overall at Medway & Law Chartered Surveyors we have seen a notable improvement in our level of enquires compared to 2023 and we feel we are now getting closer to a full recovery from the impact of covid on the office market in London.

2024 started with a slow first quarter, overall office lettings in London fell by 52.9% and was 1.88m SQ ft less than Q1 2023. Although figures are lower, there was little cause for concern, seasonality is often overlooked. Over the last 10 years office lettings have consecutively fallen in the first quarter so its no surprise that 2024 Q1 have fallen. Furthermore, the market has been on a brief pause following a high number of letting transactions at the end of last year. However, in Q2 total take up totaled 2.4m sq ft which was a 12% higher than the previous year proving signs of further improvement in the office market.

At Medway & Law we have seen stronger demand in 2024 for our office stock in comparison to the last 3 years. This is welcome news if you are an office landlord.

Due to a recent number of lettings we are once again seeking good quality office space to let.

If you are a landlord or tenant looking to dispose of your office space we are happy to give you a free market appraisal.

For further information please contact Ashley Medway’

Email: ashley@medwayandlaw.co.uk

Tel: 0207 043 0111

 

 

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