London office market going strong as more new projects emerge
The London office property market is continuing its strong rebound, according to fresh data out today, as more new projects get underway in the City.
The total volume of new starts between October 2023 and March this year came in at 4.2 million sq. ft across 42 projects, according to Deloitte’s London Office Crane Survey.
While this marked a slight dip on the last six month period, which was a record high, the latest figure is still “well above” the 10-year average of 3.3 million sq. ft, the survey said.
The new data comes after a number of high-profile office leasing deals were inked in recent weeks.
In April, hedge fund Citadel agreed to pre-let at least 250,000 sq ft, or a third of the space, at new incoming skyscraper 2 Finsbury Avenue.
The new building, which is part of a joint venture between British Land and Singapore’s GIC, is currently under construction and is due to be completed in 2027.
The survey said that 7.5 million sq. ft. of office space was delivered in the capital last year – the second highest annual completion volume on record.
So far in 2024, 1.8 million sq. ft. of new office space has been brought to market, with the survey expecting a total of between five and seven million sq. ft to be delivered by the end of this year.
The volume of office space currently under construction is at an all-time high of 16.4 million sq. ft. across a total of 127 schemes.