London Office Vacancies Soar to 30-Year High as Investors Flee Commercial Property Over Rent Uncertainty

London office vacancy rates at highest level in 30 years, hitting 7% in West End and over 20% in Canary Wharf
Jefferies estimates 20% contraction in London office usage due to hybrid working and preference for suburban offices
Shares in major London landlords like Land Securities, British Land, Derwent London down on concerns about falling rents
Investors pulling money from UK property funds amid rent uncertainty and profit squeeze
Jefferies says London real estate investment trusts appear cheap but may not be good value due to office market weakness

reuters.com

Relevant topic timeline:

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Posted 9/27/2023, 9:04:00 AM