Remote Work Exodus Leaves London Office Market Reeling

London office vacancies highest in 30 years, nearing 10% in financial district and over 20% in Canary Wharf.
Remote work persistence since pandemic has led to 20% fall in office utilization.
Meta paying $181M to get out of central London lease as tech companies dump office space.
HSBC also downsizing by leaving Canary Wharf headquarters for smaller City of London building.
In contrast, London residential rental market seeing huge demand with average annual cost up over 17%.

cnn.com

Relevant topic timeline:

8/29/2023

Bargain leases in Chicago's Loop draw a new group of tenants

Companies downsizing their office spaces in the Loop due to the pandemic are leaving behind vacant spaces available at bargain rates, allowing smaller firms and nonprofits to afford nicer spaces and amenities.

10/9/2023

Canary Wharf Struggles with High Office Vacancy Rates as Major Firms Leave Iconic Buildings

Canary Wharf's office buildings are experiencing high vacancy rates as the district struggles to recover from the impact of the pandemic and the rise of remote working, with iconic buildings like One Canada Square currently 36% vacant compared to 4% before the pandemic. The increasing vacancy rates in Canary Wharf are attributed to a combination of factors, including the shift to flexible working, the preference for office buildings with better environmental credentials and amenities, and the demand for more flexible rental contracts. The area is also facing competition from other parts of London.

10/9/2023

Texas Cities Lead U.S. in Office Vacancies, With Austin Rate Doubling New York's

Major Texas cities, including Austin, Dallas, and Houston, are experiencing high office vacancy rates due to an excess of commercial real estate caused by overbuilding, exacerbating the impact of remote work on office spaces.

10/24/2023

Study: Seattle Apartment Glut Could Lead to 30% Drop in Rents and Values by 2025

Renters on the West Coast, particularly in Seattle, may finally catch a break as the rental market softens, leading to a doubling of apartment vacancies and a decline in rents and apartment values, according to Capital Economics.

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Posted 9/27/2023, 12:54:00 PM

Remote Work Exodus Leaves London Office Market Reeling

London office vacancies highest in 30 years, nearing 10% in financial district and over 20% in Canary Wharf.
Remote work persistence since pandemic has led to 20% fall in office utilization.
Meta paying $181M to get out of central London lease as tech companies dump office space.
HSBC also downsizing by leaving Canary Wharf headquarters for smaller City of London building.
In contrast, London residential rental market seeing huge demand with average annual cost up over 17%.

cnn.com

Relevant topic timeline:

8/29/2023

Bargain leases in Chicago's Loop draw a new group of tenants

10/9/2023

Canary Wharf Struggles with High Office Vacancy Rates as Major Firms Leave Iconic Buildings

10/9/2023

Texas Cities Lead U.S. in Office Vacancies, With Austin Rate Doubling New York's

10/24/2023

Study: Seattle Apartment Glut Could Lead to 30% Drop in Rents and Values by 2025