London's downtown office vacancy rate has reached a record 31.4%, with nearly 1.3 million sq. ft. unoccupied, up from 27.3% last year. In contrast, suburban vacancies decreased to 9.3%. The overall vacancy rate in London stands at 25.7%. The increase in downtown vacancies is attributed to firms downsizing rather than leaving the area. Local officials are exploring ways to promote vacant spaces and are drafting a downtown master plan. London is also offering grants to convert older office buildings into housing to address the issue.
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