Despite the recession, monthly measures show that office demand is stable and a recovery is already underway, according to real estate services company Colliers.
So far, financial markets remain “generally stable suggesting that property investment dynamics are also relatively stable”.
In its 'August Property Snapshot', the firm states that office take-up in London in H1 stands at 3.8m sq ft, down 35 per cent on the corresponding 2019 figure.
The firm says that the “fortunes of the UK commercial property and investor will depend on the pace of recovery of income streams” and a return to pre-pandemic levels of GDP is not expected until the end of 2021.
Oliver Kolodseike, associate director at Colliers London said: "While the trajectory might be positive, worries remain that winding down the furlough scheme in October will increase unemployment, thereby jeopardising the strength of the recovery. Much will depend on monetary and fiscal policies in the Autumn."
Image credit: Shutterstock