London and New York’s office construction spread reaches a record high

The gap between office construction volumes in the world’s two biggest office markets reached a record high in the second half of 2025. There was more than 16 million square feet of office space under construction in London at the end of 2025, more than 10 million square feet higher than the comparable figure in New York of 5.7 million square feet. This represents the largest differential in favour of London for at least 20 years.