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A number of U.S. office markets are seeing their inventory shrink in the wake of weaker demand for office space and a push to convert vacant office towers into new uses.

Transcripts for BBCNEWS Talking Business 20240604 01:37:00

Desks probably made up 60% of floor areas inside offices and meeting rooms more like a0%. moving forward, what is much more likely to happen is that individual workspaces will fall right back to maybe 30% and the space for collaboration and meetings will increase to more like 50%. megan, let me end on this, what has all of this meant for property valuations? well, let s take an example of somewhere like london, which is an interesting city because we ve got three office markets there broadly. we ve got the west end office market, so that s the area around mayfair, oxford street, bond street. we ve got the city of london around the bank of england, then we ve got canary wharf out on the east side. if you look at the vacancy rates in those different office areas, so in the west end, where there are bars and shops and theatres, you have the lowest vacancy rates, just 4 6%. in the city of london, which is more traditional, 8 10% vacancy, and in the very office heavy end

Transcripts for BBCNEWS Talking Business 20240604 03:38:00

More likely to happen is that individual workspaces will fall right back to maybe 30% and the space for collaboration and meetings will increase to more like 50%. megan, let me end on this, what has all of this meant for property valuations? well, let s take an example of somewhere like london, which is an interesting city because we ve got three office markets there broadly. we ve got the west end office market, so that s the area around mayfair, oxford street, bond street. we ve got the city of london around the bank of england, then we ve got canary wharf out on the east side. if you look at the vacancy rates in those different office areas, so in the west end, where there are bars and shops and theatres, you have the lowest vacancy rates, just 4 6%. in the city of london, which is more traditional, 8 10% vacancy, and in the very office heavy end at canary wharf, sort of 15 17% vacancy. what it is showing is we have demand for offices in some of the areas where

Transcripts for BBCNEWS Talking Business 20240604 02:38:00

Well, let s take an example of somewhere like london, which is an interesting city because we ve got three office markets there broadly. we ve got the west end office market, so that s the area around mayfair, oxford street, bond street. we ve got the city of london around the bank of england, then we ve got canary wharf out on the east side. if you look at the vacancy rates in those different office areas, so in the west end, where there are bars and shops and theatres, you have the lowest vacancy rates, just 4 6%. in the city of london, which is more traditional, 8 10% vacancy, and in the very office heavy end at canary wharf, sort of 15 17% vacancy. what it is showing is we have demand for offices in some of the areas where people want to go. what holds up property valuations is the rents that people want to pay, so super prime, premium rents are holding up, people very much want those sorts of offices and so that is supporting those sorts of capital values. so we see the super prem