Modern office buildings are all the rage in central London, with a swath of companies including UBS Group AG moving into new premises in the last 12 months. The problem for landlords is finding someone to replace them.
A growing number of unoccupied older properties caused the overall office vacancy rate to climb to 5.8 percent at the end of the first quarter from 3.9 percent a year earlier, according to data compiled by Deloitte LLP. That was the biggest increase since 2009.
“The demand for new space is still there; the demand for second-hand space isn’t necessarily as hot,” said Shaun Dawson, a research manager at the firm.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.