The 2023 London office market looks to be characterised by a number of primary influencing factors. These drivers of change, and the trends that will be solidified as a result, include: record completions, lowering lease lengths, ongoing recovery in the flexible workspace sector, and a supply crush of prime office space due to a continued flight to quality.
Read on to find out more about how these, and other factors, are going to shape London’s prime markets in 2023 and beyond.
Stats Hinting Towards the Future of the London Office Market
- 13.6 million sq/ft of office space is under construction
- Around 9 million sq/ft of office space is scheduled for delivery in 2023
- Over 50% of projects are targeting ‘Outstanding’ or ‘Excellent’ BREEAM sustainability ratings
- Forecasts for construction price inflation have blown out to 6.1%, up from predictions of just 3.8% at the start of 2022
- Around 12% of the West End’s under development office product is pre-let