London Markets - Q4 2023

London office property performance and key themes

Download Full Report

To download this report please provide us with some information.

Name
Title
Company
Country
Email Address
Phone Number
Message
I would like to receive the latest updates from Newmark
By submitting your data through this form, you confirm that you are above the age of 18, that you have read and understood the Privacy Policy, and that you agree to the collection, use and processing of your Personal Information by Newmark & Company Real Estate, Inc. in accordance with said policy.

Thank you for sharing your information with Newmark!
Download London Markets Q4 2023 3

Occupier take-up was 4.4m sq ft in Q4, up 54% on Q3 and the largest quarterly volume since Q4 2018. Demand in Q4 was driven by two large HQ lettings which in turn pushed annual take-up to 11.8m sq ft, only 3% lower than 2022. Availability fell for the second consecutive quarter in Q4, but remains elevated at 8.8%. Further increases are expected in 2024 through new development and the increased volume of refurbishment activity, which is up by two-thirds since Q2 2023. Investment activity in Q4 was £1.6bn, up 14% on Q3 but still 27% below the 5-year quarterly average. 2023 was a challenging year for office investment and the annual transaction volume was only £5.8bn, one of the lowest on record.