Record-high occupancy in heart of London signals market boom
The Heart of London Business Alliance (HOLBA) has unveiled its latest Real Estate Insights Report, capturing a significant uptrend in the Heart of London’s (HOL) property sector between December 2023 and February 2024.
The report highlights unprecedented occupancy rates across office and retail spaces, alongside a surge in hotel occupancy, showcasing the area’s economic resilience and appeal.
Notably, the HOL area has achieved a remarkable office space occupancy rate of 96.1% and a retail space occupancy rate of 97%, underscoring strong market demand. Additionally, hotel occupancy has reached 79.4%, the highest since the pre-pandemic era, reflecting a robust recovery in the hospitality sector.
Landsec’s innovative Lucent scheme is identified as a pivotal development, symbolising the area’s dedication to urban innovation and providing state-of-the-art office and retail spaces.
Ros Morgan, Chief Executive at Heart of London Business Alliance, emphasised the positive trajectory, stating, “Our latest Real Estate Insights Report indicates that the West End remains a highly sought-after location, demonstrating its global allure for work, leisure, and investment. These findings underscore the area’s successful recovery across various sectors, affirming its status as a premier destination.”
The report also sheds light on consumer behavior trends and the region’s sustainable tourism efforts, with a notable increase in spending and transactions, reflecting confidence and resilience in the local economy.
