It is encouraging to see demand for office space in London starting to edge up last month, as consultants JLL report today.
I am not surprised, the cranes hanging over the capital appear to have been as numerous as ever. Today we reveal Landsec giving a vote of confidence in the future of offices by putting in plans for a £500 million development near Liverpool Street station.
Predictions that the traditional office would be in terminal decline in the post-pandemic era appear to be wide of the mark, even in the City. But it is certainly true that what employers and staff want is set at a far higher bar than before.
Outdoor terraces, gyms and yoga studios are de rigueur. The days of grim grey corridors, low suspended ceilings and undrinkable coffee in plastic cups have gone.
The employers’ charm offensive seems to be working and occupancy rates are slowly returning to levels not seen since before Covid.
Figures from property company Regional REIT today suggest workers now spend an average of 4.2 days a week in the office. That feels a bit on the high side for central London but the direction of travel is unmistakable.
That is good news for the central London economy, particularly the City where the streets only now seem to be returning fully to life. But it is not all unalloyed joy.
It is now up to the train companies to raise their game.
They need to make sure the passengers who want to return to four or five days a week in the office are able to do so without suffering the misery that made commuting such hell for so many before the world was turned upside down by Covid.
