Quarterly Review: Q2, 2024
The latest data generally suggests that global growth will be positive but unspectacular in the second half of this year. The headline data for the UK has recently been improving, albeit with some caveats around labour productivity and the sustainability of GDP growth. After cutting rates by 25bps in August, the Bank of England looks set to cut again before the end of the year.
After a slow start to the year, Central London office demand picked up in Q2, driven by the City. Demand is still subdued compared to pre-COVID levels, but under offers also increased, implying take-up will see a further rise over the second half of the year. New, prime space continues to be the most in demand with only around half of all deals for second-hand offices, compared to an average of around 65% over 2018 and 2019.
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