Over 120 CPA and WPA members joined us for our first event of the year, State of the Market 2024. Our expert speakers discussed the key trends seen in 2023, the economic forecast and what we can expect to see from the office and residential real estate markets over the next 12 months.
Key discussion points included:
- London’s positive recovery post-pandemic in contrast to other key global cities such as Paris and New York, with data showing that unemployment is lower than it had been pre-pandemic;
- Why offices, particularly best-in-class amenity rich space, have remained in demand in the West End defying the WFH gloomy headlines;
- How Grade A take up in the City of London in 2023 greatly outperformed its 10-year average due to an increase in flight to quality, with take-up up 64% year-on-year;
- How London house prices in 2023 have been more resilient than during the global financial crisis in 2008. A clear undersupply of homes has meant there are more tenants and fewer landlords, resulting in an annual increase in rents of 8.1%.
Our speakers included:
- Jordan Adair Partner, RX London
- Marcus Dixon Director of UK Residential Research, JLL
- Heena Gadhavi Associate Director, Head of London Offices Research & Insight, Cushman & Wakefield
- Alexander Jan Chief Economic Advisor, London Property Alliance
- Ilna Patel CPA Vice Chair and Director, Real Estate, UK, Nuveen
The seminar was hosted by Mischon de Reya at Africa House.Download presentation slides