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According to one of the largest landlords in the capital, the demand for high-London offices is launching “trickle down” in second-hand buildings due to the high fare in the sky and the shortage of new property.
The British Land, which is co-owned in Broadgate in London City, says it was a significant enthusiasm for “second-hand space in the original place” and the intense decline in the amount of space available.
From Covid -19, big office tenants have been concentrated narrowly The best quality space In new or newly renovated buildings, they tried to tempt employees back for personal work.
However, British Land chief executive Simon Carter said the market is now changing because the new space has become so expensive and there is little availability due to lack of construction from the epidemic.
“Of course there is tricker-down effect,” he said. “Back to the office is much stronger than the expectation of anyone. None [has] Built, so the rents are strong. ”
A year ago, the hedge fund and market maker Citdel Pre-lease is a large office place About a square foot on 2 Finbari Avenue for the development of the British Land, about $ 5, a few years ago, similar buildings were commanded about $ 70 ahead of $ 70.
Rent for those top-quality places is now pressing £ 115- £ 120 one square foot one square foot, in the next few years, a few buildings can still occupy the market- which is forcing businesses to see other options.
“This demand is going on elsewhere,” Carter said.
The data provided by the data said the first trimester in Central City and West & Districts in London has dropped somewhat. Brokers Kushman and Wakefield said the second hand in the city market has become fifth since 2021.
Most businesses want to stay in the main place near the big train stations, but Carter Canada Water mentioned the initial signs of removing the main transport links as the British Land development of the British Land.
He said that he had begun to see a tendency that “if [companies] Want a new building and they are more sensitive to prices, they are looking at some of the emerging positions: Battersy, Stratford, Canary Warf or New Building of Canada Water “.
British land On Thursday, the UK office and retailers’ £ 9.5bn portfolio said the development of its property prices, according to an independent assessment, increased by 1.5 percent within 12 months in 12 months. The portfolio was encouraged by high fare after several years of evaluation of the assessment of the decrease.
The agency says its rentals have increased by 3 percent on a similar basis, with underlying profits-which removes the impact of the evaluation of property evaluation-4 percent rises to $ 279 million.
