Southbank is poised to become one of Central London’s most dynamic commercial hubs, with a larger office development pipeline than any other market in the capital, according to new research from global real estate advisor CBRE.
CBRE’s latest data reveals that Southbank’s total office stock stood at 19.5 million sq ft at the end of 2024, with the potential to expand to 21.3 million sq ft by 2029. With 4.1 million sq ft of development and refurbishment projects currently under construction or with planning consent, the area is on track for significant growth in both volume and value.
Notably, CBRE anticipates that by 2029, Southbank will overtake the wider Docklands market—including Canary Wharf—in terms of total office stock.
This expansion is set to drive strong rental growth. Prime rents in Southbank are forecast to rise from £80psf to £100.50psf by 2029, representing an annual growth rate of 4.7%. Only the City core is expected to outpace this with a projected growth of 5% over the same period.
Simon Brown, Head of UK Office Research at CBRE, commented:
“With supply constrained in areas like Mayfair & St. James’s and the City Core, markets that can deliver large-scale, grade-A office space are best positioned to thrive. Southbank, alongside well-connected and established areas like Docklands, offers an increasingly compelling option for occupiers seeking high-quality space in the heart of London.”
Southbank’s growing appeal is underpinned by its unique blend of cultural attractions, green open spaces, and excellent transport connectivity. The area is also rich in residential stock, with three of the largest Inner London boroughs—Wandsworth (155,000 dwellings), Lambeth (147,000), and Southwark (145,000)—located within its boundaries.
Between 2025 and 2029, Southbank is expected to deliver 4,200 new residential units, second only to Docklands, which is forecast to add 7,600 homes.
Alastair Perks, Head of London Development & Asset Renewal at CBRE, added:
“It’s an area buzzing with cultural amenities and entertainment venues. Combined with strong infrastructure and green spaces, the case for continued office development and investment is clear. Sustainability is also front and centre, with major schemes designed to support Southbank’s ambition to become a net-zero neighbourhood by 2030.”
Building, Design & Construction Magazine | The Choice of Industry Professionals
