11 February 2025
According to Savills, take-up in Greater London and the South East reached 2.7 million sq ft in 2024, 4% below 2023 levels and 8% below the five-year average, with sentiment impacted by the Autumn Budget. Availability fell by 15% to 12.9 million sq ft due to stock conversion and limited new development, while record-high rents were achieved in 16 submarkets as occupiers prioritized high-quality, sustainable office space.
Grade A space accounted for 75% of take-up in 2024, reflecting a strong flight to quality. Despite no deals over 100,000 sq ft, the market remained resilient, with continued demand for Prime Grade A offices driving rental growth.