![]() ![]() Rents in the West End have shown strong performance – up 18% year on year (Q3, 2021 vs Q3 2020) but City rents showed some weakening (down 1.4%) over the same period.Prime office rent figures for Q3, 2021 show London’s West End values rebounding but the City is still in negative territory ![]() London and Paris are the only cities to have recorded a fall in office vacancy rates this year.Paris and Berlin continue to outperform with lower vacancy rates.New York (Manhattan) has seen one of the largest increases in office vacancy rates which is now very high at 19%.In all cities, office vacancy rates have risen sharply during the pandemic period but there are signs of recovery except for New York. When compared to London, job postings are higher in New York and Berlin but lower in Paris and Hong Kong. Notwithstanding this, London suffered the biggest reduction in posted job vacancies during 2020 but since then has seen vacancy rates increase significantly.Employment levels – the number of people in work – in London have outperformed other world cities – the capital sits at the top of the table compared to pre-Covid figures – despite the impact of the pandemic.London’s unemployment rate remains the highest for any region in the United Kingdom. London’s unemployment rate of 5.6% (Q3, 2021) compares favourably particularly against New York and Berlin (both have unemployment rates of nearly 10%) but less so with Hong Kong (4.7%).There are mixed signals coming from London’s labour market: However, London’s recovery appears to have stalled in the second half of 2021 with Q3 growth of just 1.5% (quarter on quarter) compared to 4.6% in Q2. The cities in our survey share a basic economic pattern: they all record a fall in output over the first two quarters of 2020, recoveries in the second half of that year followed by generally lower levels of growth (and even some shrinkage) in 2021. In 2021, London recorded modest recovery in its economic output level, but it is still operating below pre-Pandemic (2019) levels Headline findings for a selection of our indicators (all provided further below in the report) are as follows: ![]()
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