In a five and half decade career of dealing with Central London offices, I have never been as uncertain predicting the future of the office market going forwards.
In real estate, as in banking, numbers matter. It’s strange, but, historically, years ending in the number 4 (barring 2014) have been years where the market has fallen (1974, 1984, 1994 and 2004) and years ending in 9 have tended to be up office markets.
2019 was pre-pandemic and it is yet to be seen whether 2024 will be another disaster, but I suspect that the office market, by then, will have recovered, not the least that, surplus offices will be converted to much needed residential space with commuters coming back to live in the City, closer to the businesses that many of them work for.
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