Whereas retail’s GAV unsurprisingly accelerated its degradation in H1 20, reaching c. -25% on an annual pace, Offices were eroding at c. 4% (-1.9% lfl in H1 20). The Offices market has been still quiet until now, according to end-market sources (October 2020). Offices’ resilience explains why Land Securities’ performance was not that horrible. Do not forget that due to lag effects, empty offices (end-market) will weigh on FY 21 in our view, but not in H1 20.
10 Nov 2020
Offices lost 4% in H1 20 in the City of London
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Offices lost 4% in H1 20 in the City of London
- Published:
10 Nov 2020 -
Author:
Christian Auzanneau -
Pages:
4
Whereas retail’s GAV unsurprisingly accelerated its degradation in H1 20, reaching c. -25% on an annual pace, Offices were eroding at c. 4% (-1.9% lfl in H1 20). The Offices market has been still quiet until now, according to end-market sources (October 2020). Offices’ resilience explains why Land Securities’ performance was not that horrible. Do not forget that due to lag effects, empty offices (end-market) will weigh on FY 21 in our view, but not in H1 20.