Offices. London has too many and nobody wants them.
London office vacancy is at 10%, the highest since the 1990s. Hybrid work didn't just change habits, it changed the skyline.
THE GIST ON OFFICES: "Optional, not default"
How empty is London?
Office vacancy rates in London are now 10%, the highest since the 1990s. In Canary Wharf it's worse: one in five offices sits empty.
Who is still getting tenants?
Only the top end, energy efficient trophy offices. The rest sit empty, dragging down landlords and property values.
The pandemic accelerated hybrid working, and businesses realised they didn't need as much real estate.
What happens if demand keeps sliding?
For landlords that means more risk. For employees, the balance of power has shifted: the office is now optional, not default.
London's property market has always been a pillar of wealth. If demand keeps falling, the ripple effects reach banks, pensions and even city budgets. Then there's the bigger question: what do we do with millions of square feet that nobody wants?
Should the office be optional?
Your take. One tap, then see how everyone else voted.
Quick answers
How many London offices are empty?
Vacancy is 10%, the highest since the 1990s. In Canary Wharf, one in five offices is empty.
Which offices are still letting?
The top end, energy efficient trophy offices. The rest are sitting empty.
See you on the next one.
What should the next one be? Suggest a topic for Huw to explain
The conversation
Comments
Nothing here yet. Start the conversation: Huw reads every comment before it is published.
