Meanwhile, the newest analysis from actual property consultancy JLL mentioned there was 3.4 million sq. ft of central London places of work underneath provide as on the finish of the third quarter.

The agency mentioned that’s 13% increased than the identical interval in 2022 and almost 1 / 4 above the 10-year common. To give a sign of the dimensions of the area in negotiations, the Gherkin is 500,000 sq ft.

JLL added that complete demand is 11.5m sq ft – a 27% improve on the long-term common. Banking and finance have accounted for the biggest quantity of this, adopted by skilled companies (26%).

The analysis doesn’t essentially imply employers are upsizing, and there are companies which have mentioned they plan to scale back workspace. 

But various landlords have noticed a flight to high quality for some employers, even when workers are solely in places of work just a few days per week.