, Jefferies estimated a 20% contraction in London office usage due to post-pandemic hybrid working and increasing occupier preference for greener buildings in the suburbs.
"Retail was technology's first casualty and we think offices are next. Utilisation has shrunk and landlords are losing pricing power as tenants offload surplus space," the analysts said. Jefferies estimated West End vacancies of 7%, with rates in the City and Canary Wharf at 10% and more than 20% respectively, with the tipping point for a rental recession historically around 8%.
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