Letters: A return to the City streets
[Re: £5bn investment turnover for central London office market since start of 2022]
Post-Omicron optimism has helped refuel confidence in London’s office market to the tune of £5bn since the turn of the year – and rightly so. Investors have correctly identified the underlying fundamentals of the City.
The offices that will continue to attract the most investment are those that support both sides of people’s work-life balance, going beyond being simply work spaces. Offices with their own shops, bars, and cafes are increasingly commonplace. The most forward-thinking operators herald a future that incorporates bookable bedrooms, hair salons, and even GP surgeries.
Investors who have put faith in the office are also being repaid by its importance for meeting people’s personal and professional needs. Lonely and lacking opportunities to connect with colleagues, many workers saw their mental health suffer while working from home; more than half of respondents to one survey said as much.
On top of this, full-time work from home disproportionately impacted early-career workers, who were less likely to have a suitable “home office” setup.
Now, tomorrow’s business leaders are leading from the front, driving the return to the office and the revival of the City. There is good grounds to predict that appetite for the office will remain robust in the long term, and London is better off for it.
Giles Fuchs