The West End market has endured a sustained period of uncertainty, including an American downturn, further worsened by events of 11 September, a crash in the TMT sector, global corporate scandals and a surge in secondhand space. However, the market is faring better than others, such as the City and the Thames Valley, which are weighted with speculative schemes and pre-let surplus.

According to King Sturge, the relative strength and momentum of the current market is driven by an undercurrent of small deals and high levels of government activity.

The emergence of a two-tier market is another consequence of recent market activities and it is in the upper tier where most rental revival is envisaged. An example of this divergence can be seen in Mayfair, which currently accounts for 18% of total availability but also achieved the Q2 2002 headline rent of £75 per sf in a letting to a traditional City occupier.