A new report from CBRE as published in Facilities Management Journal finds that occupiers are increasing their real estate footprint in central London. 

“Central London office take-up reached 12.7m sq ft for the 12-months to the end of Q2 2022, an increase of 153 per cent when compared to the same period last year and five percent above the 10-year average, says the global real estate advisor. Furthermore, CBRE’s data shows that for the 12 months to the end of Q2 2022, 43 deals completed at 100 percent positive net absorption, equating to 2.3m sq ft. This is the highest level recorded for any 12-month period over the last eight years, demonstrating that expansion is still a priority for occupiers despite long-term changes in working practices.”

“Despite an increase in hybrid working, demand for office space remains robust. 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,” said Simon Brown, Head of Office Research, CBRE.