As Bull limbers up to participate in today's London Landmarks Half Marathon wearing a costume of 10 Downing Street dressed as Boris Johnson (yes, you read that correctly!), Bull and Bear discuss the current health of the London office market.
JLL reported that there was a rebound in office leasing activity in Q4 2023 with 3.4 million sq. ft. transacted, showing a significant 55% improvement compared to Q3 and marking the highest Q4 volumes since 2010.
Prime office rents increased across all Central London main markets in Q4 2023, with the prime West End office rent increasing to £140 per sq. ft.
Only £6.5bn of Central London office investments were traded last year but there are indications that private equity firms are now returning to the market. Their return usually signals that pricing is bottoming out and that deal volumes will pick up.
Enjoy your Sunday.