London Q1 2020 Market Report

Q1 2020 ended abruptly for the real estate market as the UK entered full pandemic lockdown. Social distancing measures restricted travel, closed workplaces, and for many millions, homes have become the new office. Yet, the timing of the lockdown at the end of March meant for the most part businesses continued to lease space and make real estate decisions, ensuring that activity was as close to a normal level as could be expected.

DeVono Cresa research shows that 2.7 million sq ft was leased across central London in Q1 2020, representing a drop of 30% on the level recorded in the previous quarter. Whilst this figure suggests a steep decline, it follows a period of robust leasing. That said, the latest data puts the volume of space transacted shy of the long-term quarterly average of 3.1 million sq ft, but well within the realms of Q1 totals in other years.

Central London Office: Leasing Activity by Quarter, 2014-20

Download your copy of the The Occupier: 2020 Predictions.