In short. JLL reported Central vacancy of 8.8% at the end of June 2026, the lowest in 43 months, and forecasts Central Grade A rents to rise 10 to 15% in 2026. A tighter market favours teams that decide early.
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Market figures in this guide are as of July 2026. Forecasts differ between agents and change every quarter, so check the latest before you decide.
What JLL reports
In July 2026, JLL raised its forecast for Central Grade A office rents. Its key points:
- It expects Central Grade A rents to rise by 10 to 15% in 2026.
- Central vacancy was 8.8% at the end of June, the lowest level in 43 months.
- It attributes the recovery mainly to a strong IPO pipeline and wealth inflows from mainland China.
What a tighter market means for a smaller team
Large tenants make the headlines, but a tightening market affects everyone looking for space.
- Choice narrows. With lower vacancy, there are fewer good spaces at any time.
- Landlords have more room on terms. Rent-free periods and other concessions can get harder to negotiate than when vacancy was high.
- Waiting can cost more. If rents are rising, a delay of a few months may mean a higher rent at signing.
What to do about it
- Decide early. Know your headcount range, budget and must-haves before you start viewing. Here is a 90-day plan.
- Look at fitted space. Existing fitted floors can be quicker to secure than a space you would need to build. What a fit-out costs.
- Check the total cost. In a rising market the rent is one part of it. How to compare the full cost.
- Be ready on terms. Know what you will negotiate. Lease terms explained.
A note of caution
A forecast is not a promise. Agents differ in their views, and conditions can shift. We cite JLL for its published figures, and we do not predict where rents will go.
