Average and prime rental cost for office real estate in London West End 2000-2023

London is the most expensive city for office real estate in Europe. In 2023, the per square foot cost of office space in London was higher than in any other European city. In West End, a Grade A office cost about 90 British pounds per square foot in 2023. Prime offices were even more expensive, at 135 British pounds per square meter.Office yieldsPrime yields in Central London fluctuate depending on the district, but West End areas tend to have lower yields compared to other areas, such as Stratford or Canary Wharf. The prime office yield in Mayfair/St. James' in 2023 was the lowest among the major London office submarkets. In real estate, yields measure the potential return of a rental property and are calculated as the ratio of the property's rental income to the investment cost. Typically, prime office yields in London are lower than the rest of the UK, which is mostly due to the highly competitive market and high investment costs. Vacancy ratesDespite the high office rental costs in England’s capital city, vacancy rates in many of London's main office markets were below seven percent in 2023. This is good news for the office sector, as during the coronavirus (COVID-19) pandemic, the share of vacant office space across all Central London districts spiked dramatically. Compared to other European cities, London was in the middle of the ranking, alongside Frankfurt and Lisbon.

伦敦乃欧洲办公房地产成本最高的城市。截至2023年，伦敦每平方英尺的办公空间成本高于欧洲任何其他城市。在西区，A级办公空间在2023年的价格约为每平方英尺90英镑。而顶级办公空间的价格更是高达每平方米135英镑。伦敦市中心顶级办公空间的收益率受区域影响而波动，但西区相较于斯特拉特福德或金丝雀码头等区域，收益率通常较低。以2023年为例，梅菲尔/圣詹姆斯区的顶级办公空间收益率在伦敦主要办公子市场中处于最低水平。在房地产业，收益率衡量的是租赁物业的潜在回报，其计算方式为物业租金收入与投资成本的比率。通常情况下，伦敦顶级办公空间的收益率低于英国其他地区，这主要归因于高度竞争的市场和高投资成本。空置率尽管英格兰首都的办公租赁成本高昂，但截至2023年，伦敦许多主要办公市场的空置率均低于七个百分点。这对于办公行业而言是利好消息，因为在冠状病毒（COVID-19）大流行期间，伦敦所有中央区域办公空间的空置率均急剧上升。与欧洲其他城市相比，伦敦在空置率排名中处于中等水平，与法兰克福和里斯本并列。