Encouraging start for London office lettings, as take-up improves

Central London’s office leasing market got off to a good start this year, with the highest monthly take-up recorded since July, according to new research.

Demand for offices has suffered since March 2020, due to scores of office staff working from home during lockdowns. Some bosses are expected to look at whether to embrace more remote working longer term.

Property agent Colliers International said 420,000 square feet of central London office space was signed for last month, which is 13% ahead of the average monthly lettings figure since the pandemic started.

Guy Grantham, director of research and forecasting at Colliers International, said: “Over 70% of transactional activity was for Grade A quality space. "

He added: "This reinforces expectations of a ‘flight to quality’, as occupiers seek to secure and create the best and safest environments for their staff, once a full return to work is possible.”