In SE1, office space availability has increased by 45% since lockdown began to hit a six-year high, according to Union Street Partners.
This has pushed the vacancy rate in the area to 4.7%; 31% of the available space being marketed is on behalf of tenants that have decided to offload space during and following lockdown.
However, Union Street Partners reported that a third of this available space can only be leased for a maximum of three years.
There is also a dearth of new and refurbished space in SE1, with no new-build space available and only four refurbished buildings that can offer more than 10,000 sq ft on a single floor, Union Street Partners said.
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