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A hybrid way of working: reimagining local boulevards

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Continue working from home divided opinion. Some companies tighten. Still, average office occupancy in the UK was around 30% in the first half of the year, according to Remit Consulting. Pre-pandemic, this was him around 60-80%.

Central London property investors forced to adapt. But some people benefit from it. It is the outer main street of central London known as Zone 1.

Retail vacancy rates in areas such as Eastham and Dalston in east London, Kilburn in the north and Chiswick in the west improved from 2019, according to real estate group Savills. Food and beverage retailers, in particular, want to expand out of town to attract more telecommuters, said Marie Hickey, director of commercial research at Savills.

Ann index The one produced by sandwich chain Pret A Manger shows something similar. Transaction value at stores outside London increased by 21% in the week ending June 15 compared to pre-pandemic levels. Business volumes at City of London stores have improved, but are still below pre-pandemic levels.

Work from home has not been lifted everywhere. High-traffic, populous, affluent areas within a mile of retail areas are most popular, Savills said. Vacancy rates in London suburbs such as New Cross and Hounslow are still below 2019 levels.

UK retail vacancy rate remained stagnant Sales in the first quarter of this year were 13.8% higher than the previous three months, according to the British Retailers Association. This reflects the caution of retailers amid persistently high inflation. However, compared to the same period last year he had an improvement of 0.3 points.

Whether employers like it or not, working from home continues to impact the real estate market.

Rex recommends the FT’s Due Diligence Newsletter, a curated briefing on the world of mergers and acquisitions.click here sign up

https://www.ft.com/content/4190349a-cce6-47a5-aaf1-551889b79fbf A hybrid way of working: reimagining local boulevards

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