Expectations for 2024?

A confluence of factors – structural shift, economic headwinds, high costs, and conflict overseas - challenged office market activity in 2023. This resulted in both take-up and investment volumes falling below average.

Looking ahead at 2024, a dominant theme will be ESG, with environmental goals becoming accelerated targets for organisations. This shift will narrow market supply, impacting asset saleability and letting potential.

Rising demand for high-quality offices will also add pressure on supply levels, with vacancy rates for premium spaces already critically low. Despite elevated costs and market uncertainties, opportunities may arise in areas falling short of this strict occupier criteria. ‘Selective’ and ‘early’ will define action in 2024.

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