London firms are dumping their unwanted office space as the pandemic forces tenants to review their real-estate needs. The trend is so far limited to London: the city’s second-hand space surged by 21% in the period, compared with just a 1% increase for the rest of the UK. "he success of home working, coupled with ongoing concerns around public transport and coronavirus infections, has led many firms to reconsider their office space needs," Mark Stansfield, head of UK analytics at CoStar, wrote in a note to clients. Second-hand space poses a threat to developers building new offices, offering tenants seeking to move a cheaper alternative. Banks including Credit Suisse Group AG, HSBC Holdings Plc and Nomura Holdings Inc. are among those companies currently trying to rent out excess space they no longer need, Bloomberg News reported.

Source: News 24 September 16, 2020 17:01 UTC