•The London office market vacancy rate experienced a 40 bps quarter-over-quarter contraction to 15.1% and was aided by leasing activity downtown, particularly in Class A and C product. Vacancy rates are likely to increase in the short term however as office tenants re-evaluate their space needs given today’s current workplace environment.

•The overall net rental rate has remained stable throughout 2020 and currently sits at $13.19 per sq. ft. Rates in Class A space increased for the second consecutive quarter, now at $14.53 per sq. ft.

•London’s industrial sector showcased its resiliency as availability rates fell 40 bps quarter-over-quarter to 1.8%. With the addition of three new completions this quarter, London saw 260,000 sq. ft. of positive absorption.

•Despite the decrease in availability, London’s overall rental rate fell 2.0% to $5.67 per sq. ft. On an annual basis rents remain elevated having increased 9.2% year-over-year.