Further to the London Property Alliance’s report, Space for Change: Office space dynamics in central London, this Westminster Deep Dive provides a detailed analysis of the borough’s office market.
Authored by Knight Frank, the research highlights the clear shift in occupier demand towards best-in-class, well-connected office space since the pandemic, whilst Prime and Grade A workspace is in short supply. This is exacerbated by the low number of planning applications for major commercial schemes in Westminster, which have fallen by 75% between 2013 and 2024.
The analysis reveals that over 62% of office floorspace can be classed as secondary and could unlock an economic boost of £119 billion and over £3.7 billion a year of prime rent potential if upgraded.
The report offers a ward-by-ward analysis of where this secondary stock sits and the opportunities to upgrade or replace underperforming buildings to ensure the Oxford Street Mayoral Development Area and wider Westminster remains a leading destination for business.
This report has been sponsored by Grosvenor, Helical and GPE.
Read our report here
