Well-placed to handle ensuing disruption

-The forecasts for job falls in the Central London office market in 2020 are of a similar scale to the falls experienced during the Global Financial Crisis, and we expect take-up to fall by c.45% year-on-year.

-Secondhand availability is likely to increase sharply over the next few quarters as occupiers release space back onto the market. Stress in the flexible office sector will cause upwards pressure on the vacancy rate.

-Continued levels of high demand and constrained supply for new, high-quality space will limit falls in headline prime rents, but rent frees will increase. Rental values for secondhand space will see bigger than average falls.

-The investment market has slowed considerably and volumes are likely to be at their lowest level for a decade. Pricing is difficult to determine due to a lack of transactional evidence, but market fundamentals remain strong.