A fall in rent free periods being offered across the London office market have led to net effective rents rising faster than headline rents.  Net effective rents for prime space continued to rise in Q1 2023 and are at around 0.5% of their pre-pandemic levels.  Headline rents, across London’s sub markets, however, have been somewhat static, despite an ongoing lack of supply. Some districts have seen an increase, most notably core City of London (3.4%) and Soho (2.7%), but overall growth in prime central London headline rents sat at a modest 0.4% during this quarter. Over the past 12 months to Q1 2023, prime headline rents across central London increased by an average of 2.6%. Across the four key submarkets, the strongest rental growth was in the City at 3.6%, followed by the West End at 3.4%. Docklands saw growth of 1.85% over the year, while Midtown increased by 0.8%. Looking at the net effective rent based on [...]