South East Offices Snapshot
Key towns update of market activity.
The South East office market continues to avoid generalisation. Most markets have a shortage of supply where low rents have not allowed developments or even refurbishments but some, mostly in the Thames Valley, have considerable over-supply. Demand is also unpredictable in the light of increasing momentum of the return to the office. Rents are also varied with most markets being stable but some experiencing increases where landlords can justify their confidence. UK GDP in November came out at 0.1% growth indicating a shallower recession that first predicted. Inflation has started to ease with a resilient labour market despite the increase in redundancies. The Bank of England raised rates again by 50 basis points to 3.5% and the government grants on energy will start to draw to a close towards the end of Q1 2023.
Our South East market report tracks activity across ten of markets, this and our on-the-ground experience allows us monitor market sentiment and activity.