Take up in the Eastern M25 office market has remained below trend levels in the first three quarters of 2023, with activity of just 781,800 sq ft recorded. There has been a lack of larger lettings throughout the whole of the year, with only one letting in the regions above 25,000 sq ft and two in Docklands. This slowing in activity is expected to result in full year activity of 1-1.25m sq ft, the lowest level of activity since the Covid impacted 2020. The largest transaction in the year to date is the 39,050 sq ft letting at 40 Bank Street to clinical testing group hVIVO, as Canary Wharf tries to reposition itself as a life science hub.
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