'Evidence that Occupiers are not deserting West End but are down-sizing requirements’

Whilst the total demand levels have fallen as a consequence of the pandemic, as you would anticipate,  it is not the case that occupiers are abandoning their relocation plans entirely.

At Q1 2020 there were 227 live requirements for offices in the West End market, with a collective floor area requirement of 3.07m sq ft. By Q4 2020, whist demand had fallen to 2.01m sq ft, there were still a recorded 180 live requirements.

This is perhaps an early indication that whilst proclamations last year of the ‘Death of the Office’ were premature and wide of the mark – that occupiers may now be preparing for a future working culture with a greater level of flexibility between WFH and the previous 9 to 5 working day, requiring a smaller central London office footprint.

The Financial sector is currently by far the most acquisitive with 78 live requirements representing 43% of current demand, whilst the DAMIT sector (Design, Architecture, Media, Information Technology) represented the higher proportion of take up during 2020, collectively acquiring just under 400,000 sq ft of offices in the West End.

For more information and for all your central London property requirements, please contact us on 020 7629 1088 or email info@bdgsp.co.uk.