London property giant Shaftesbury hails return of crowds to West End

Lanterns are erected ahead of Chinese New year. Large tracts of which are owned by commercial property giant Shaftesbury. Photograph: Jill Mead/The Guardian

Shaftesbury, which owns swathes of Chinatown, Soho and Covent Garden, said West End crowds were returning despite the Omicron variant, with the prospect of an extended period of uninterrupted trading.

The landlord, which owns a 16-acre (6-hectare) portfolio in the heart of London, said its vacancy rate had fallen below 5% for the first time since the pandemic started, to 4.9% in recent weeks – just above the 4.8% recorded in March 2020.