A new report from CBRE shows that occupiers in London are growing their office footprint at record levels.
After a major dip in office leasing activity over the last few months, CBRE data finds that Central London office take-up grew 153% from last year as of the end of the second quarter.
Additionally, the 12 months ending during the second quarter included 43 completed deals at 100% positive net absorption, the highest level seen in any 12-month period over the last eight years according to the firm.
The significant uptick in activity has been noted across most of Central London, with the West End rebounding quicker than most other European office markets.
“This surge in demand shows us the true depth of the Central London office market. Despite an increase in hybrid working, demand for office space remains robust,” said Simon Brown, Head of UK Office Research at CBRE.
“Although many occupiers are using this opportunity to rationalise their estates, over the last year more deals have involved growth than contraction. The received wisdom is that hybrid working will significantly impact office demand. This data clearly challenges that narrative.”