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Our View

Prime office rents have started to drift downwards off the back of weak letting activity, with take up at a 20 year low across the Eastern M25.  Most regions have seen rents adjust over the past six months, with the most significant adjustment being seen in the South East London & Kent market, where values are down by 10% to £27.00 per sq ft.  Prime rents in East London have also adjusted down to £42.50 per sq ft, a downward shift of 5.6%, whilst rents in Essex and North London & Herts have fallen by 6.7% and 5.0% respectively.      

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Market Comment

Prime office rents in the Eastern M25 region fell back by 5.8% on average in the six months to Q1 2024, with 11 of the 16 locations in the Glenny Rent Survey registering falls.

The most resilient region has been North London & Herts, where prime rents generally remained stable, although Enfield saw values fall by 5.0%.

The largest adjustments were seen in South East London & Kent where prime rents in Bromley and Greenwich are down by 10.0% a figure also matched in Barking & Dagenham in East London.

Values in Essex also remained relatively stable, although the primary markets of Chelmsford and Brentwood saw rents fall back to £28.00 per sq ft.

Freehold owner occupier capital values (per sq ft) continued to reduce, falling on average by 10.7% in the six months to the end of Q1 2024. This brings the overall decline in values over the past 12 months to 15.4%, with the largest falls being seen in the inner M25 locations, where the figures are down by 17.9% on average. Outer M25 locations have seen values fall by 11.9%.

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John Bell

John Bell

Equity & Managing Partner, Head of Commercial Agency
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