City Of London
London’s Empty Office Space Hits Highest Level in More Than 15 Years
- Equivalent of about 60 Gherkins are up for grabs, CoStar says
- Availability is above the post-global financial crisis peak
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Office availability in central London is at its highest level in more than 15 years, the latest sign of how the pandemic-driven shift to remote working is upending demand for commercial property.
Availability was close to 31 million square feet in August 2022, according to real-estate data and information company CoStar. That’s the equivalent of about 60 Gherkin skyscrapers, and is up 51% from the 20 million square feet that was available at the end of 2019. Roughly 5 million square feet is marketed by tenants for sublease.