‘Rental recession’: London office vacancies hit 30-year high
Publishing timestamp: 2023-09-27 08:19:47
Summary
London's office market is experiencing a "rental recession" with vacancies at a 30-year high. Working from home, hybrid working, and the move towards green offices have led to a 20% contraction in office usage. Commercial real estate companies like British Land Company and Great Portland Estates are being downgraded as the market continues to shrink. Some big-name companies have also been ditching London-based office spaces. However, Morgan Stanley sees a more positive outlook for the sector, stating that real estate investment trusts offer a compelling opportunity.
Sentiment: NEGATIVE
Tickers: HSBA-GB, HSBC, META, 33DS-GB, BLND-GB, GPE-GB,
Keywords: british land company plc, real estate, business news, hsbc holdings plc, meta platforms inc, reits, great portland estates plc,
Source: https://www.cnbc.com/2023/09/27/rental-recession-london-office-vacancies-hit-30-year-high.html