What COVID-19 will mean for the London office market
Millions of words have been spilled on the impact COVID-19 will have on society. What will its effect be on commercial real estate markets?
There is general agreement that the pandemic will be a powerful catalyst, accelerating a number of key trends that were already in play.
For some sectors, the wind is only blowing in one direction. High street retail and leisure property were already struggling, and their challenges are set to increase. Conversely, industrial property – in particular, logistics and warehousing – is likely to prosper as more and more people shop online.
What is much less clear is how COVID-19 will affect our working lives – and especially the role of the office. Are we about to witness its slow death as working from home becomes the new normal? Will city centre offices be abandoned in favour of out-of-town sites? Could this even spark a rural renaissance?