Space for Change: City of London Deep Dive

Further to the London Property Alliance’s report, Space for Change: Office space dynamics in central London, this City of London Deep Dive provides a detailed analysis of the Square Mile’s office market. 

Authored by Knight Frank, the research highlights a clear shift in occupier demand toward ‘best-in-class’, well-connected spaces. However, over 56.8% of City floorspace can be classed as ‘secondary, underpinning roughly £96.8 billion of capital value and around £4.28 billion a year of prime rent potential if upgraded. 

The report offers a ward-by-ward analysis of where this secondary stock sits and the opportunities to upgrade or replace underperforming buildings to strengthen the Square Mile’s offer as a leading destination for business. 

This report has been sponsored by Grosvenor, GPE and Helical. 

Further reading: 

Report: Space for Change: Office dynamics in central London 
Press release: Tackling central London’s outdated office stock could unlock £84bn economic boost 
Event: Exclusive report preview – Space for Change: Office space dynamics in central London  

In the news:

The Times: London running out of office space to meet post-covid demand
Estates Gazette: Planning reform could unlock £262bn of secondary office investment
CoStar: London’s 147-million-square-foot of out-of-date offices represent £84 billion economic opportunity 
Construction Enquirer: Reforms urged to unlock £262bn London office upgrade boom
Construction Index: London primed for office building boom
Building Design & Construction Business: London set for an office revival – if planning rules keep up