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FIGURES|LONDONOFFICE|Q42025CBRE
Suburbanofficespacerecordspositivenet
absorptionwhileCorevacancyclimbsslightlyA26.2%v$13.62v-30K
VacancyRatePSFAvg.AskingLeaseRateSFNetAbsorption
Note:Arrowsindicatechangefrompreviousquarter.
ExecutiveSummary
–London’sQ4officemarketsawmarketdynamicsshiftfrompreviousquarters,astheCorerecordanincreaseinvacancyrateforthefirsttimesinceQ12025,whiletheSuburban
markethaditsfirstandonlyquarterofpositivenetabsorptionin2025.
–CoreClassAspacesawa120bpsincreaseinvacancyratethisquarterto19.8%,as24,000sq.ft.ofspacebecameavailableinQ4.
–Aftertwoconsecutivequartersofpositivenetabsorption,London’soverallofficemarketrecordednegativenetabsorptionof30,000sq.ft.inQ4.Suburbanofficespacerecorded
12,000sq.ft.ofpositivequarterlynetabsorption,bringingLondon’soverallannualnetabsorptionto43,000sq.ft.
–Therewerenonotableshiftsincoreorsuburbannetaskingrents,resultinginoverallnetaskingrentsseeingjustasmalldecreaseof$0.04to$13.62persq.ft.
FIGURE1:LondonFundamentals–HistoricalAnalysis
NetAbsorption(000sSF)VacancyRate(%)
150
100
50
0
-50
-100
-150
-200
Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
2021
2022
2023
2024
2025
NetAbsorptionVacancyRate
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%
Source:CBREResearch,Q42025.
1CBRERESEARCH?2026CBRELimited
FIGURES|LONDONOFFICE|Q42025
2CBRERESEARCH?2026CBRELimited
ClassAcorenegativeabsorptionovershadowssuburbanactivity
Over24,000sq.ft.ofClassAspacecametomarketinQ4,majorityofwhichcamefrom140and148FullartonStreet.ThisisthesecondconsecutivequarterthatCoreClassAspacehasseennegativenetabsorption,resultinginthevacancyratejumping440bpsto19.8%fromQ2toQ4
2025.Afterfourquartersofnegativenetabsorption,thesuburbanofficemarketsawpositiveactivity,recordingcloseto12,000sq.ft.ofpositivenetabsorption.Lastquarter’spositivenetabsorptionwasoffsetbyQ4activity,resultinginYTDnetabsorptionfinishingtheyearat
43,000sq.ft.,signallingthatshiftfromwork-from-homesituationsarecontinuingtobetransitionedbacktoin-office.
Netaskingleaserateupdate
Followingthetrendsoflastquarter,theLondonofficemarketrecordedlittlemovementonnetaskingrents.Corenetaskingrentsdropped$0.05to$13.57,whileSuburbanratesrose$0.06to$14.02,resultinginoverallnetaskingrentstostabilizeat$13.62persq.ft.Comparingthefive-yearaveragerateto2025yearendrates,wehaveseenvirtuallynomovementoverthepastfiveyears,withthefive-yearaveragecominginatjust$0.02lowerthanwhatwasreportedatthe
endof2025.Thisislargelyduetotwomainfactors;thefirstbeingthelargeshifttowork-from-homesituationsbetween2020-2022andthesecondbeingthattherehasn’tbeenanynew
supplyofofficespaceaddedtothemarketsinceQ22020.
Keytransactionsandnewavailabilities
Q4didn’tseemuchnotableactivitybutwedidseeafewkeytransactionsandnewavailabilitiescometomarket.Therewasover24,000sq.ft.ofClassAspacethatcamebacktomarket,frommainlytwoproperties;140FullartonStreetcontributingroughly12,000sq.ft.,148Fullarton
Streetcontributingnearly10,000sq.ft.Allofthetoptransactionsthisquarterwerecompletedinthesuburbanmarket,thelargestbeinga6,000sq.ft.ClassBleasetransactionat1785
WonderlandRoadN.Withmoreconversionprojectslooming,weexpecttoseeofficestatsbouncebackinmid-to-late2026.
FIGURE2:HistoricalCoreversusSuburbanNetAbsorption(000sSF)
100
50
0
-50
-100
-150
-200
Q3Q4
2021
Q1
Q2Q3
2022
Q4
Q1
Q2Q3
2023
Q4
Q1Q2Q3Q4
2024
Q1
Q2Q3
2025
Q4
CoreSuburban
Source:CBREResearch,Q42025.
FIGURE3:HistoricalCoreversusSuburbanRentalRatesAllClasses($PSF)
$15.00
$14.02
$14.00
$13.57
$13.00
$12.00
$10.00
$11.00
Q3Q4
2021
Q1
Q2Q3
2022
Q4
Q1
Q2Q3
2023
Q4
Q1Q2Q3Q4
2024
Q1
Q2Q3
2025
Q4
CoreSuburban
Source:CBREResearch,Q42025.
FIGURES|LONDONOFFICE|Q42025
3CBRERESEARCH?2026CBRELimited
FIGURE4:HistoricalVacancyRatebyClass(%)
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2021
2022
CoreClassA
SuburbanClassB
2023
CoreClassB
SuburbanClassC
2024
2025
CoreClassC
Source:CBREResearch,Q42025.
FIGURE6:Year-To-DateNetRentalChange(%)
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
2021
2022
2023
2024
2025
-3.0%
Source:CBREResearch,Q42025.
FIGURE5:HistoricalRentalRates($PSF)
$16.00
$14.81
$15.00
$14.00
$14.47
$13.00
$13.12
$12.00
$11.00
$10.00
Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420212022202320242025
ClassAClassBClassC
Source:CBREResearch,Q42025.
FIGURE7:Q42025OfficeMarketStatistics
Submarket
Inventory
(SF)
Vacancy
Rate
(%)
Under
Construction
(SF)
Net
Absorption
(SF)
Net
AskingRent
(PSF)
Core
4,529,480
31.5%
0
-42,025
$13.57
Suburban
1,559,529
10.8%
0
11,993
$14.02
LondonTotal
6,089,009
26.2%
0
-30,032
$13.62
Source:CBREResearch,Q42025.
FIGURES|LONDONOFFICE|Q42025
MarketAreaOverview
CBREOffice
London
380WellingtonStreet,Suite30London,ONN6A5B5
Contacts
WilliamBibbingsResearchAnalyst
/p>
William.bibbings@
we
all
?Copyright2026.Allrightsreserved.Disclaimer:Informationcontainedherein,includingprojection
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