With sublease space now creeping into the market, there is a flicker of hope for occupiers that have been faced with no relocation options for when their leases expire, or for when their current accommodation is no longer suitable.

“We would get a call every second day from a tenant who would say to us ‘our lease is expiring in 18 months’ time, what do we do?’,” says Lee. “Moving into another building is not an option, and you can’t negotiate a favourable deal for a lease extension because the reality is, it’s a landlord’s market. It’s a very difficult time to be a tenant with a lease expiry within the next two years.”

While occupiers continue to be hampered by a lack of available space, they are trying to make negotiations work in their favour as much as possible.