London Has About 20.2 Million Sq Ft Of Unused Office Space
UNITED KINGDOM – Data from The Utilize Project revealed that London has 20.2 million sq ft of unused office space, up 3.3 million from the figure seen in 2020, reported Bdaily News on Monday evening (30 May, SGT).
The latest number is equivalent to nearly 17 Houses of Parliaments, said The Utilize Project, which has compared the volume of empty office spaces to renowned landmarks in London to help visualise the amount of unutilised workspace in the capital.
The significant volume of available office space is attributed to the COVID-19 pandemic and the prevalence of hybrid work arrangements, coupled with the exorbitant office rents in London, which made the city the most expensive place to lease an office in Europe, based on figures from Statista.
Consequently, the high rent could impact future office space demand in London, and the above factors have made working in offices there “less appealing” for companies and their employees.
Notably, the capital’s area with the biggest amount of vacant office space is located in the City of London. While the area houses approximately 27,365 businesses, including the country’s top financial institutions, it presently has 5.91 million sq ft of available office space. This is comparable to 98 St Paul’s Cathedrals.
Next on the list is West End with 5.85 million sq ft of unused office space, and this is equivalent to 75 Buckingham Palaces. The district is also known for having the most expensive office rent in London, with office space there leasing for £117.50 per sq metre as of Q4 2021.
Meanwhile, the amount of available office space in Southbank is comparable to 84 Royal Albert Halls, while that in The Docklands equates to 91 Westminster Abbeys.