Now that even large corporate companies are moving towards remote working such as Google, NatWest Bank and Schroders as reported in BusinessTalk.News on 16th August, will this lead to a downsizing of the London property market?
Apparently BP is now making plans to sell its international head quarters in Central London, indicating a vast change in how BP’s future office staff will work. So, will others follow?
Savills Estate Agents have recently reported in their office forecast for The City of London will be down 7.2% next year. And the signs aren’t good as Pret A Manger plan to sell the lease for its Victoria base and the John Lewis Partnership has vacated its head quarters at Partnership House.
With the Covid-19 economy suffering it’s most difficult period since the financial crisis, companies are not only shredding jobs (BPs estimate 10,000 staff losses), but are looking more and more to adopt the movement towards a their employees having a remote working lifestyle.
With work and life patterns changing with just an estimated 13% of people back at work in London during August, will BP’s sale of it’s iconic building create uncertain times for London property or will investors still have an appetite for the prime City of London property market?