Smart Approach in Retail Resilience
Outlook for London offices
Central London market subdued
-
Take up 65% below long term average
in the period
Vacancy up 210 bps to 6.5%
m sq ft
-
Second hand space now 74% of supply
10.0
Q3 2020 Central London Development pipeline
Completed
U/C Pre-let
Pipeline Pre-let
U/C Speculative
-
Potential Speculative
10 year average new and under-construction take-up
10 year average development completions
Supply pipeline constrained
-
43% developments are pre-let
- 33% contraction in proposed new
space delivered to 2023
Demand will increasingly focus
on high quality space
Responded to c.1 m sq ft RFPS
since Covid
8.0
6.0
4.0
2.0
•
·
0.0
15
16
17
18
19
999
20
20
Source: CBRE
Note: Forecast reflects CBRE's estimate of earliest completions. Central London comprises the City, Docklands, Midtown, Southbank and West End areas.
2
21
22
22
23
4.9m
4.2m
24
24
55
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