London Office Construction Tops 16M Sq Ft as NYC Drops to 5.7M
London’s office construction pipeline surpassed 16m sq ft at end-2025, over 10m sq ft more than New York City’s 5.7m—the widest gap in two decades. NYC’s pipeline has slumped from its 2018 peak of more than twice London’s and now requires pre-leasing, following 59 deals totalling 14m sq ft in 2025.
1. London Construction Surges to Two-Decade High
By the end of 2025, over 16 million square feet of office space was under construction in London, marking the largest lead over New York City in more than 20 years. Construction levels in London have remained between 16m and 17m sq ft since early 2022, compared to sub-14m figures before that period.
2. New York Pipeline Falls to 5.7m sq ft
New York City’s office pipeline has plunged from its 2018 peak—more than twice London’s—to just 5.7 million sq ft at end-2025, one of the lowest quarterly totals this century. Despite robust demand for trophy offices, developers completed 59 deals over 100,000 sq ft totalling 14 million sq ft in 2025, the highest transaction volume since 2019.
3. Pre-Leasing Becomes Development Prerequisite
Speculative development in New York has been curtailed, with new projects advancing only once anchor tenants are secured. Early 2026 data indicates London’s under-construction volume dipped below 16m sq ft for only the third time since 2021, with further declines expected through 2027.