The latest crane survey reported the highest volume of London office starts on record. In part that reflects a refurbishment boom as developers retrofit their buildings to meet MEES standards and benefit from the green premium. New development is also being supported by strong demand for best-in-class space as firms adjust to the shift to remote work. But while this provides further evidence that prime offices in the best locations are set for a better return, the majority of the office sector still faces significant headwinds.
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