The Eastern M25 office market has remained subdued since the start of the pandemic, with activity running at below trend levels in each year.  The first three quarters of 2024 has seen this reduced level of activity continue, with just over 800,000 sq ft of take up recorded and with more than 50% of activity focused towards the East London and Docklands markets.  

Docklands has been the strongest market in recent months, with a number of larger lettings completing.  New disruptor banking group Revolut took 113,900 sq ft at YY London in Canary Wharf, whilst the University of Sunderland also extended their presence in Docklands, taking 95,500 sq ft at Harbour Exchange, E14 for their London campus.     

Supply also continues to be focused towards the East London and Docklands markets, which account for almost 55% of the overall available office floor space across the Eastern M25 region.  Grade A supply is even more biased towards the East London & Docklands market, accounting for almost 80% of stock on the market. 

The most significant addition to grade A office space over the past six months has been the completion of the Turing Building in Stratford Cross E20, which adds 350,000 sq ft to supply  The availability rate across the Eastern M25 market stands at 8.5%, just above the long run average for the region, which stands at 7.9%.       

Prime rents across the region have begun to show early signs of improvement, rising by 1.0% on average over the past six months but values still remain below the level of the same time last year.