UK London Office Marketbeat Reports

For the data behind the commentary, download the full Q2 2026 UK London Offices Report.

Increased Under Offers Provide Strong Pipeline of Leasing Activity

Under offer space increased substantially during the first half of the year, rising from 2.93 million sq ft at the end of Q1 to 4.44 million sq ft by the end of Q2, representing a quarterly increase of more than 50%. This is the highest volume of under offers since 2007, providing a strong pipeline of leasing activity for the next 6 -12 months. 

While take-up volumes fluctuate quarter-on-quarter, this under offer figure indicates that a high quantum of demand is progressing through to lease negotiations rather than disappearing from the market, which is particularly important against a backdrop of increased occupier decision-making timescales. This is the strongest benchmark of occupier sentiment and a real positive that businesses are making decisions. 

The surge in under offers was predominantly driven by large scale occupiers targeting the Wider City and Canary Wharf. As at the end of the quarter, there were seven under offers over 100,000 sq ft, four of which happened in Q2 including MacFarlanes announcing their commitment to 250,000 sq ft at 1 St Martin Le Grand, EC1. Furthermore, PwC’s commitment of 325,000 sq ft at One Eden, Canary Wharf and Stripe agreeing terms at Broadgate Quarter in the City Core in July reinforces the continued momentum of large - scale occupiers driving activity in the market. 

Ahead of the Curve?

Occupiers of scale are increasingly beginning their searches early, and getting ahead of the looming supply crunch is key – particularly in the current market we are in whereby the pipeline is thinning due to viability challenges and good demand from the traditional sectors such a Banking & Finance and Legal, who now have increased competition for space given the surge from AI businesses. What is particularly of note with these under offers is the number being agreed as off-plan pre-lets. Across the market over the last 10 years, there has been an average of 3.5 off - plan pre - lets signed, and looking at the deals signed to date and the under offers in the market, 2026 could exceed this average if all sign before the end of the year.