According to JLL, office leasing activity in central London was on track to take up a total of 11.6 million square feet by the end of 2019, beating out 2018’s 11.5 million square feet.
JLL also claims that over 3.5 million square feet of commercial property space transacted in 2019 had been leased before completion.
One of the biggest sectors in lease takeups was flexible office operators, which reached 2.5 million square feet by the end of 2019, a 25% increase from the previous year.
“Flexible space is here to stay and has led to a transformation of traditional office space,” said Elaine Rossall, head of UK offices research at JLL. “Corporates are increasingly leaning on flexible space to drive portfolio optimisation and increased utilisation in the workplace and we expect this to be the main driver of the flex sector going forward. Going into 2020 we could see a slowdown of take-up in Central London from this sector as a result of the consolidation it is undergoing as it evolves to become more competitive.”