Data on Lifts Usage Suggests Rising Office Attendance in London (but Not Elsewhere)

Why It Matters

The rebound reshapes London’s commercial real estate, boosting rents and tightening supply, while signaling a shift in hybrid work dynamics that could influence investment decisions across the sector.

Key Takeaways

• London lift usage up 11% YoY Jan 2025.
• Other European cities' lift usage flat or down.
• London office rents rose 8% City, 15% West End.
• Vacancy rates below 1% in central London.
• Hybrid work persists despite rising attendance.

Pulse Analysis

Elevator traffic has emerged as an unconventional yet reliable barometer of office occupancy, and KONE’s analysis of more than a billion journeys across ten European cities confirms a pronounced rebound in London. In January 2025, lift trips in large commercial towers rose roughly 11 percent compared with the same month a year earlier, and the upward trajectory has persisted throughout the year. This surge signals that employees are spending more time on‑site, suggesting a gradual retreat from the pandemic‑induced remote‑work surge that once dominated the capital’s workplace landscape.

By contrast, lift usage in Frankfurt, Rotterdam, Barcelona and Berlin either plateaued or slipped, indicating that hybrid and fully remote arrangements remain entrenched elsewhere. The divergent patterns underscore how London’s dense financial ecosystem and concentration of multinational headquarters may be accelerating a return to physical collaboration, while other markets retain more flexible schedules. Analysts interpret the data as evidence that the pandemic’s forecast of a permanent, large‑scale shift to home offices was overly optimistic, at least for the UK’s primary business hub.

The occupancy rebound is already reshaping London’s office market. Knight Frank reports that most recent central‑London transactions involve companies expanding rather than downsizing, and prime‑office rents have jumped nearly 8 percent in the City and more than 15 percent in the West End. Vacancy levels in key districts have slipped below 1 percent, prompting concerns about a shortage of premium space as demand outpaces supply. While hybrid schedules will likely persist, landlords and developers are betting on sustained footfall, prompting a wave of refurbishment and new build projects aimed at accommodating a more office‑centric workforce.