Data from CBRE showed Central London office take-up totalled 815,700 sq ft in August, a 63% rise on the previous month. While still below the 10-year monthly average of 1 million sq ft, Rob Madden, Head of Offices for CBRE UK commented to the Evening Standard that the London office market “is making real strides in its recovery as confidence returns and companies continue to enact their return-to-work policies.” A number of large pre-let deals helped elevate the figures, including law firm Travers Smith’s acquisition of 15,400 sq ft at Stonecutter Court.
The report also showed that under offers are continuing to rise, ending the month 16% above the 10-year average, while active demand declined from 7.4m sq ft at the end of July to 6.9m sq ft in August.
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