London Office Vacancies Hit 30-Year High as Companies Embrace Remote Work

London office vacancies at 30-year high as companies adopt remote and hybrid work models
Financial services firm Jeffries estimates a 20% contraction in London office usage
Vacancy levels above tipping point where rents typically start falling, except for green buildings
Flexible coworking spaces taking up some vacant offices
Big companies like Meta and HSBC exiting large London offices for smaller spaces or fully remote

cnbc.com

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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.

10/24/2023

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

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