房地产 -伦敦市中心办公室数据2025年11月 Central London Office Figures November 2025

CBRE

FIGURES|CENTRALLONDONOFFICES|NOVEMBER2025

Year-to-dateinvestmentvolumestrendingaheadoflastyear

8.2%

VacancyRate

23.5m

Availability

ft

3.7m

UnderOffers

ft

£0.5bn

Investment

sq

sq

0.5msqft

Take-up

Arrowsindicatechangefrompreviousmonth

FIGURE1:CentralLondon12-monthrollingtake-upvsavailability

–Novembertake-uptotalled487,600sqftacrossCentralLondon,bringingtheyear-to-datetotaltake-upto9.2msqft

–Underoffersareup5%onthelong-termtrendlevel,totalling3.7msqftattheendofNovember

–Supplyfellto23.5msqftthroughoutNovember,downby2%fromthepreviousmonth

–Intheyear-to-date,5.0msqftofdevelopmentorrefurbishmentspacehascompletedacrosstheCentralLondonmarket

–AttheendofNovember,therewasatotalof11.6msqftunderconstructionacrossCentralLondon,42%ofwhichwasalreadypre-letorunderoffer

–Year-to-dateinvestmentvolumestotalled£5.8bn,31%aheadofthesameperiodin2024

30

25

Millionsqft

20

15

10

5

0

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Take-upAvailability(RHS)

Source:CBREResearch,November2025

1CBRERESEARCH©2025CBRE,INC.

2CBRERESEARCH©2025CBRE,INC.

FIGURES|CENTRALLONDONOFFICES|NOVEMBER2025

Take-up

Novembertake-uptotalled487,600sqftacrossCentralLondon,down25%onthepreviousmonth.Themonth’stotaltake-upwasalsodown48%onthelong-termmonthlyaverageof944,100sqft.The

Novemberfigurebroughtyear-to-datetotaltake-upto9.2msqft,3%downonthesameperiodlastyear.

Throughoutthemonthatotalof49dealstransactedacrossthemarket,ofwhichwesawfivelargerthan

20,000sqft.Thelargestdealofthemonth,andtheonlydealover100,000sqftsawFTIConsultingtake

102,800sqftatOneExchangeSquare,EC2.Forthesecondconsecutivemonth,theCitysawthemajorityoftake-up,accountingfor55%ofthemonthlytotal.

Themajorityoftake-upinNovemberwasforsecondhandspace(61%),andtheremaining26%and13%oftake-upwasforpre-letandnewlycompletedspace(respectively).Overthelast12months,secondhandspacehasdominatedtake-up,accountingfor62%ofthetotal.Throughoutthesameperiod,pre-let

take-upmadeup22%ofthetotal,andnewlycompletedspacetheremaining16%.

Overthelast12months,thebanking&financesectorcontinuedtodominatethemarket,accountingfor30%oftake-upthroughouttheperiod.Thebusinessservicessectorfollowed,responsiblefor15%oftotaltake-upforthesameperiod.

Availability

SupplyinCentralLondonfellto23.5msqftthroughoutNovember,downby2%fromthepreviousmonth.However,supplyremainedabovethelong-termaveragelevelof19.4msqftby22%.

Secondhandsupplydecreasedby1%fromthepreviousmonth,totalling15.3msqftattheendof

November.Despitethedecrease,secondhandspacecontinuestodominatesupply,accountingfor65%ofthetotal.Thesupplyofnewlycompletedspaceremainedelevatedcomparedtothelong-termtrend

level(+78%),totalling4.9msqftandaccountingfor21%oftotalsupply.Thesupplyofnew

early-marketedspace(spacethatisnotyetreadytooccupybutwillbecomesowithin12months)accountedfor14%oftotalsupply,followinga14%fallfromthepreviousmonth.

YYLondon,30SouthColonnade,E14remainedthelargestready-to-occupyunitthroughtotheendofNovember,totalling275,000sqft.Inadditiontothis,thereare13newlycompletedbuildingsacross

CentralLondonwithready-to-occupyspaceabletofulfilarequirementover100,000sqft.

TheCentralLondonvacancyrateremainedunchangedat8.2%inNovember.

UnderOffers

Underofferstotalled3.7msqftattheendofNovember,anincreaseof6%fromthepreviousmonth,andupby5%onthelong-termtrendlevel.UnderoffersincreasedinallmainCentralLondonsubmarkets

fromthepreviousmonth.TheSouthbanksawthelargestmonthlyincreaseinunderoffers(+13%).OfthetotalunderoffersinNovember,16%wasnewlyplacedunderofferthroughoutthemonth(591,700sqft).

AcrossCentralLondontherewerefourbuildingswithmorethan100,000sqftunderofferattheendofNovember.ThebuildingwiththelargestamountofspaceunderofferwasOneExchangeSquare,175

Bishopsgate,EC2where297,700sqftwasunderoffer.

EightofthetenlargestunderofferswereforneworunderconstructionspaceattheendofNovember,continuingtoprovetheflighttoquality.

FIGURE2:CentralLondonkeydeals

Occupier

Sqft

Market

Address

FTIConsulting

102,800

City

OneExchangeSquare,EC2

Mitsui&CoEurope

49,400

City

GreshamSt.PaulIs,1GreshamStreet,EC2

BBVA

29,200

Docklands

OneCanadaSquare,E14

Source:CBREResearch,November2025

FIGURE3:CentralLondonkeyunder

offers

Occupier

Sqft

Market

Address

Confidential

253,788

City

1AppoldStreet,EC2

Confidential(3occupiers)

235,474

City

OneExchangeSquare,EC2

Confidential

123,975

Midtown

100VictoriaEmbankment,EC4

Source:CBREResearch,November2025

FIGURES|CENTRALLONDONOFFICES|NOVEMBER2025

3CBRERESEARCH©2025CBRE,INC.

FIGURE4:CentralLondontake-up

Millionsqft

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

SecondhandNewcompletedPre-let——10-yearaverage

Source:CBREResearch,November2025

FIGURE5:CentralLondonavailability

Millionsqft

30

25

20

15

10

5

0

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

SecondhandNewcompletedEarlymarketed10-yearaverage

Source:CBREResearch,November2025

FIGURE6:CentralLondonunderoffers

Millionsqft

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Underoffer——10-yearaverage

Source:CBREResearch,November2025

FIGURE7:CentralLondondevelopmentpipeline

Millionsqft

12

10

8

6

4

2

0

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

uCompleteduU/Clet/underofferaU/Cavailable

Source:CBREResearch,November2025

4CBRERESEARCH©2025CBRE,INC.

Investment

Investmentvolumestotalled£496minNovemberacrossCentralLondon.Themonthlyvolumebroughttheyear-to-datefigureto£5.8bn,31%aheadofthesameperiodin2024.Inthelast12monthsvolumestotalled£6.2bn,20%abovethesameperiodlastyear.

ThelargestdealofthemonthwasthepurchaseofTheBurlian,80NewBondStreetbyKKCG,theparentcompanyoftheNationalLotteryoperatorAllwynEntertainmentwhooccupyspaceinthebuilding.Thiswasthesixteenthdealover£100mtotransactin2025.

Overseasinvestorshaveaccountedfor52%ofpurchasesoverthelast12months,whilstdomestic

purchaserswereresponsiblefor37%.Europeaninvestorswerethemostactiveoverseasregioninthe12monthstotheendofNovember(19%),followedbyNorthAmericaninvestors(18%).

FIGURE8:CentralLondonkeyinvestmenttransactions

Address

Capitalvalue

Market

Purchaser

TheBurlian,80NewBondStreet,W1

£195m

WestEnd

KKCG

7SavoyCourt,WC2

£50m

WestEnd

AstraAM

RegentsHouse,40-42IslingtonHighStreet,N1

£38m

Midtown

ReichmanProperties

Source:CBREResearch,November2025

FIGURE9:CentralLondoninvestmenttransactions

Rolling12months

01/12/24-31/11/25

Rolling12months

(%oftotal)

Nov-25

Oct-25Sep-25

2025Q3

2025Q22025Q12024Q4

2024Q3

UKPurchasers£2,036m37%£198m

£250m£280m

£541m

£490m£447m£925m

£656m

OverseasPurchasers£2,842m52%£270.5m

£435m£334m

£242m

£1,092m£1,235m£584m

£601m

Unknown£574m11%£27.5m

£0.00£21m

£174m

£348m£9m£94m

£63m

Total£5,452m£496m

£685.00£635m

£957m

£1,930m£1,691m£1,604m

£1,320m

Source:CBREResearch,November2025

FIGURE10:CentralLondoninvestmenttransactions

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

4,500

4,000

3,500

£m

3,000

£m

2,500

2,000

1,500

1,000

500

0

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

Feb-23

May-23

Aug-23

Nov-23

Feb-24

May-24

Aug-24

Nov-24

Feb-25

May-25

Aug-25

Nov-25

£m——Rolling12months(RHS)

Source:CBREResearch,November2025

FIGURE11:CentralLondoninvestmentbypurchaser(excl.‘Unknown’),12monthstoNovember2025

8%

37%

18%

6%

19%12%

UKAsiaEurope.MiddleEastNorthAmericaOverseasOther

Source:CBREResearch,November2025

FIGURES|CENTRALLONDONOFFICES|NOVEMBER2025

MarketAreaOverview

Contacts

AndyMonighan

ExecutiveDirector,HeadofLondonInvestorLeasingandOccupierBrokerage

+442071822713

+447771574346

Andrew.Monighan@

SimonBrown

SeniorDirector,HeadofUK

OfficeResearch

+442071823993

+447769914455

SimonD.Brown@

EdBradley

ExecutiveDirector,Headof

CentralLondonOfficeInvestmentProperties

+442071822195

+447968754919

Ed.Bradley@

CorinneVrensen

SeniorAnalyst,UKOfficeResearch

+442071822834

Corinne.Vrensen@

TasosVezyridis

ExecutiveDirector,Headof

ResearchUK&IandContinentalEurope

+44(0)7342079387

Tasos.Vezyridis@

YuktiSingh

SeniorAnalyst,UKOfficeResearch

+442071822052

Yukti.Singh@

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