Office take up throughout the Glenny region continued to run at below trend levels in the current year with activity down to 782,000 sq ft at Q3 2023 with full year activity expected to be 1-1.25m sq ft. Whilst the supply of office space has risen to 7.9m sq ft across the region as a whole, this is largely driven by the increase in stock in Docklands, which accounts for almost one half of the available floor space. The void rate in Docklands is estimated at 17.3% compared to the rest of the Eastern M25 market, where it sits at 8.7% with only a limited supply of grade A space available.
With numerous larger occupiers in Dockland scaling down their occupational requirements, there are plans to repurpose some schemes for life science occupiers. The largest letting over the past six months shows this, with hVIVO taking 39,050 sq ft at Canary Wharf’s 40 Bank Street E14.
