According to a new report from Cushman & Wakefield, there is a spike in office leases in London as companies prepare for their post-pandemic strategies.
The report found that 1.8 million square feet of office space was signed in central London during the second quarter, which is 39% more than the previous three months. This also marks the highest rate of take-up since March of 2020.
Such deals included JLL taking up 134,000 square feet of space at 1 Broadgate. However, the media & technology sector represented the largest amount of take-up.
Many companies are rethinking their real estate strategies due to the increased popularity of remote and hybrid work arrangements. While this has led some to cut down their footprint, others are looking for more modern workspaces for their employees, even if they are coming into the office just a few days a week.
“The London office market continued its recovery in the second quarter as restrictions loosened and more occupiers identified their new ‘normal’ way of working,” said Ben Cullen, head of offices UK for Cushman & Wakefield. “The encouraging results indicate that demand for office space remains strong, particularly for high quality stock.”
