London’s office market is facing a crossroads moment.
Availability of space is at some of the highest levels seen for 15 years, with an estimated 31m sq ft of office space currently vacant - the equivalent of over 480 football pitches, with most of the vacant space remaining in the secondary office market.
Despite the record space available, however, the market is gripped by a ‘flight to quality’. Cushman and Wakefield’s analysis shows grade-A office availability dropping to its lowest quarterly proportion of total availability since 2010, at 42 per cent. A trend it expects to continue, with the amount of high-quality space on the market diminishing into the second half of the year.
Head of Shoosmiths’ London office and real estate partner, Joe Mazzucca, discusses this issue in an article first published in Estates Gazette.
Click here to read the full article.
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