Our View on London Offices - Summer 2020
As in other global cities, the London office market felt a marked impact with the arrival of the COVID-19 pandemic, although entered the crisis from a robust position.
The West End office market recorded an availability rate of just 3.5% at the start of the year. While take up and demand is understandably down, the market enters H2 2020 with an availability rate of 4.5% and a shortage of Grade A stock.
The form and trajectory of a return to work remains unclear, but many major corporates are starting to affirm the need for their teams to meet and work together for part of the time at least. In the short term, however, we are likely to see changing patterns of demand as businesses adapt to distancing restrictions and financial pressures.
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