The length of UK office leases has fallen to the lowest level on record, while vacancies rates have soared close to a decade high.
New data from commercial property management platform Re-leased reveals how working from home has shaken up the market.
Average lease lengths dropped to two years and 10 months in the first quarter, the lowest level since data was first collected in 2018.
That is down from nearly four and a half years at the start of 2019.
Meanwhile, letting contracts of a year or less accounted for nearly half of all leases signed in the first quarter, a more than threefold jump since 2019.
