The London office pipeline at the Duke of Westminster’s property company Grosvenor is nearly two thirds pre-let, but its chief executive has warned of “trouble coming” for some landlords of older workspace alongside revealing a slump in profits.
Boss Mark Preston’s comments came as Grosvenor, which has a £9 billion property empire across 12 countries and owns large chunks of Mayfair and Belgravia, showed it was not immune from economic headwinds in 2022, including rising interest rates and real estate value falls resulting in a lower total return.
