Heard on the Street: A glut of new office buildings in New York relative to London will help the latter’s big landlords recover faster from the pandemic, wherever white-collar employees end up working
signed one of London’s bigger deals of the period, taking on a building in the city’s West End.
The office market is splitting in two: Energy-efficient buildings in central locations are in demand as tenants try to lure employees back to the workplace and meet “net-zero” targets for carbon emissions. Meanwhile, older offices are increasingly difficult to fill. Of all the London leases signed since the pandemic began, six in 10 have been for new or newly renovated offices, according to Knight Frank, compared with under four in 10 over the decade before the crisis. The vacancy rate across all central London offices currently stands at 9.1%, British Land reported, while it is just 3.5% for so-called prime buildings.
Tight supply means owners of prime buildings can expect healthy interest. Construction of new office blocks in London slowed after 2016 as developers tried to understand how the U.K.’s vote to leave the European Union would affect the capital. Only 8 million square feet of speculative new offices will be built between now and 2025, compared with projected take-up of 4.7 million square feet a year.
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