News

New Year, Same Occupancy For London Office

London aerial
London's Homebuilding Rate Has Slowed To Historic Lows.

The number of workers showing up to offices in London and the UK in January was broadly the same as the figures seen throughout 2023.

Average occupancy at London offices peaked at 36.5% in the week of 19 January, data from Remit Consulting showed. The equivalent figure for the whole of the UK was 34.3%.

That compares with a weekly average high of 33.5% in December 2022 and 35.9% in December 2023. The year started with a slight uptick over December before tailing off. The last week of January saw occupancy wane due to below-freezing temperatures.

Measuring only Tuesday-Thursday occupancy, January peaked at 40.9% in the UK, Remit said. If adjusted for the fact that offices were only an average 60% full before the pandemic, that occupancy came in at 57% of pre-pandemic levels, according to the data.

“While the post-holiday recovery was expected and echoed patterns of previous years, the monthly average for January, at 28.8%, was slightly lower that that recorded twelve months previously,” Remit Consultant Lorna Landells said in a statement.

“January's occupancy rates reveal the ongoing vulnerability to external factors such as adverse weather conditions.”

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's London Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Equinix Bets Big On Slough Data Centres: The London Deal Sheet

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

Redevco Buys 560K SF Jaguar Land Rover Logistics Hub In UK IOS Push

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject