East London offices are home to a diverse mix of tenants, involved in sectors ranging from industry to manufacturing, technology, banking, and finance. Office-based businesses are attracted to this area due to its competitive rental rates and access to local talent.
2021 started off in East London with average prime rents of £45 per square foot. Rates for tenant controlled space were slightly lower at £42 per square foot. Asking rents were one of the few indicators that remained stable along with incentives, which currently amount to 30 months rent-free for office leases of 10 years or more.
Although rental rates experienced little changes during Q2 2021, they’re expected to decline by 10-15% by 2022, a figure substantially higher than in other London sub-markets.
As for vacancy rates in East London, they spiked to nearly 12% during the first three months of the year. Although this number is high, it’s still lower than the record-figure of 13.8% reached in 2020.
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The 
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