The cost of rent for office space in London is the highest in Europe. In the fourth quarter of 2023, the West End had average rents per square foot of 150 British pounds. The average annual rent in London for prime office space was substantially higher than in any other European market.
Prime yields
For commercial real estate investors, prime yields in London averaged four percent in 2023. As compared to the rest of the United Kingdom, yields for prime office space in London were notably lower.
Commercial investments
Office real estate, which comes under the broader term of commercial real estate, traditionally accounts for the lion's share of commercial real estate investments. In recent years, however, this share has been gradually declining. Despite this trend, the UK is one of the leading office real estate investment markets in Europe.
Prime office rent in London from 2019 to 2023, by area
(in GBP per square foot)
Characteristic
West End
Southbank
City
Midtown
Canary Wharf & Docklands
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BNP Paribas Real Estate. (February 6, 2024). Prime office rent in London from 2019 to 2023, by area (in GBP per square foot) [Graph]. In Statista. Retrieved September 16, 2024, from https://www.statista.com/statistics/873480/london-office-cost-of-rent/
BNP Paribas Real Estate. "Prime office rent in London from 2019 to 2023, by area (in GBP per square foot)." Chart. February 6, 2024. Statista. Accessed September 16, 2024. https://www.statista.com/statistics/873480/london-office-cost-of-rent/
BNP Paribas Real Estate. (2024). Prime office rent in London from 2019 to 2023, by area (in GBP per square foot). Statista. Statista Inc.. Accessed: September 16, 2024. https://www.statista.com/statistics/873480/london-office-cost-of-rent/
BNP Paribas Real Estate. "Prime Office Rent in London from 2019 to 2023, by Area (in Gbp per Square Foot)." Statista, Statista Inc., 6 Feb 2024, https://www.statista.com/statistics/873480/london-office-cost-of-rent/
BNP Paribas Real Estate, Prime office rent in London from 2019 to 2023, by area (in GBP per square foot) Statista, https://www.statista.com/statistics/873480/london-office-cost-of-rent/ (last visited September 16, 2024)
Prime office rent in London from 2019 to 2023, by area (in GBP per square foot) [Graph], BNP Paribas Real Estate, February 6, 2024. [Online]. Available: https://www.statista.com/statistics/873480/london-office-cost-of-rent/
