Take up in the Eastern M25 office market has remained below trend levels since the onset of the pandemic, with activity across the region in 2023 down to 1.1m sq ft, the lowest level of activity since Glenny have been monitoring the market. Docklands and the East London markets have seen the most significant slowing, with activity almost 60% below trend. Despite the slowing, these two markets still account for 50% of overall take up across the region. The first three months of 2024 has got off to a slow start, with just under 210,000 sq ft of floor space acquired, although there are signs that Docklands may be seeing an upturn in activity.
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