Prime office rents have remained stable on average over the past 12 months but this overview hides some sub regional differences. Prime rents in North London & Herts have eased back to £25.00 per sq ft in Enfield, whilst rents in Essex and South East London & Kent have moved ahead to £30.00 per sq ft in Brentwood and Chelmsford and £33.00 per sq ft in Greenwich SE10. The East London and Docklands markets continue to be the highest rented locations across the region, with rents in Stratford remaining at £40.00 per sq ft for the best space, whilst Docklands rents are at £57.50 per sq ft. The next 12 months are expected to see an upturn in activity, with increased levels of demand pushing take up higher.
Prime office rents have stabilised over the past 12 months with 13 of the 16 locations covered by the Glenny Rent Survey seeing prime rents remain at their end 2024 levels. Only two locations in South East London & Kent (Greenwich and Dartford) have seen an upturn in values over the past six months, prompted by improved demand for office space and supply shortages.
Prime office rents have remained broadly stable but the past 12 months the Glenny Rent Survey has provided mixed messages across the 16 locations. At the macro level, Inner M25 locations have continued to see rents decline, with values down by -0.9%, whilst outer M25 locations have returned to growth.
The most significant declines have been seen in North London & Herts, where values in Enfield were down by -12.3% to £25.00 per sq ft, and East London, where prime values in Barking and Dagenham were down by -11.1%. In total, six of the 16 locations in the Glenny Rent Survey saw values slip.
On the counter side, five locations saw values increase, with the most significant increases seen in Greenwich, where values have increased by 22.0% over the past 12 months and Braintree, where values are up by 11.1%.
Owner occupier capital values per sq ft continued to slip and are down by -2.2% on average across the Eastern M25 region but the pace of decline appears to be slowing. Ten of the 12 locations in the Glenny Rent Survey are still recording a decline in capital values.
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