City of London office take-up shows ‘positive progress’
Office take-up in the City of London has risen by 10% compared to a year ago, with Savills saying the market has shown “positive progress”.
The agency said almost 2.8m sq ft of office space was leased in the Square Mile during the first half of the year, a 10% increase year-on-year and a fifth higher than the five-year average. Insurance and financial services tenants led the way, accounting for more than a third of take-up.
Second-quarter take-up stood at 1.62m sq ft, a rise of 16% year-on-year and 38% quarter-on-quarter.
Office take-up in the City of London has risen by 10% compared to a year ago, with Savills saying the market has shown “positive progress”.
The agency said almost 2.8m sq ft of office space was leased in the Square Mile during the first half of the year, a 10% increase year-on-year and a fifth higher than the five-year average. Insurance and financial services tenants led the way, accounting for more than a third of take-up.
Second-quarter take-up stood at 1.62m sq ft, a rise of 16% year-on-year and 38% quarter-on-quarter.
More than 2m sq ft of office space in the City is now under offer, the agency added.
Stuart Lawson, a director in Savills’ central London agency team, said: “The first half of 2024 has demonstrated positive progress in the City of London’s office market, following on from a strong 2023. The substantial increase in both H1 and Q2 take-up volumes, particularly driven by the Insurance and Financial services sector, underscores the strength of demand from key occupiers.
“It has also rewarded those with the conviction to deliver new schemes, such as 40 Leadenhall and 8 Bishopsgate, where demand has outstripped the space available. With a notable uptick in under offers, we anticipate continued momentum in the coming months.”
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